Around here the "mom&pops" have long since succumbed but the convenience stores are their replacements, and most of them are, in fact, mom&pop operations. We have them every few blocks and each hires more employees than Mom%Pop ever did when they had their own stores. Nowadays Mom and Pop tend to be ex-Hindu or ex-Egyptian or ex-Vietnamese or their parents were. They provide the same high prices we all remember and love and they are successful. They pay taxes and they provide jobs, mostly for family members but many for non kin.
It's always interested me how the demise of the mom-and-pop store was followed a few years later by the rise of the convenience store. Maybe the mom-and-pops didn't really need to go out of business, they just needed to target a different type of customer, i.e., the impatient male who just wants a half-a-rack, a Playboy, cigs, and a hot dog, and doesn't really care how much he pays for them.