Not right away, no, but with time the high street will fill up one way or another and with no chains as much what will take there place? HMV killed off a lot of independents, but places such as Rough Trade or Piccadilly in Manchester are still doing well.
People will pay for an experience. When in a city with a good independent record store I will shop there. I may be able to get it cheaper online, but it is possible. I will seek the independent coffee shop as it serves better than the mass produced swill. People will pay for quality, not only of goods, but of experience, which is what the high street is sorely lacking. There are demands out there and they need filling. Rents will fall and some places will offer silly rent deals which give these people a start.
I may well be wrong, but I hope I am not.