It would appear that Lens and Shutter is gone entirely, everywhere in B.C.
For photographers, this is huge and not terribly unexpected news.
As Rob pointed out above, L&S were the Goliath of B.C. camera stores in the 80's ... it would seem then to be impossible that they wouldn't always be around in the future.
It's not all Amazon though, at least in the photography field. Stores like Best Buy maintain a large inventory of camera equipment, from basic to professional. I know quite a few photographers who shop there.
But interestingly, in the field of photography, there is also B&H Cameras in New York City. B&H have turned into a world wide camera shipping machine. If the web site determines you're in Canada, it will automatically offer Canadian pricing, INCLUDING all shipping and customs charges (one flat rate to your door) ... and frequently that final price will be far less than what you would pay anywhere in Canada.
I order from B&H all the time. It's painless.
Lens & Shutter was having a hard time keeping up. It seemed almost like they didn't know what to stock in a bricks and mortar store. They had lost their way entirely. Their online offerings were way behind the times, their online store software was never updated at all ... years too late, and 10 years behind the times when they introduced it, their online efforts never amounted to anything at all.
I'll give Henry's a fair shake though, as they're definitely a fixture in the Canadian photography scene.
It remains to be seen if they'll be able to make a go of a bricks and mortar store in Victoria ... in light of the huge online photography successes like Amazon, Best Buy, and places like B&H.
A far cry from the 70's, when we had multiple downtown camera stores, City Photo on Government Street (your local Leica store), the photography store in the 700 block Yates (whose name escapes me) beside The Bank of Nova Scotia (where I bought my Olympus OM-1 and 3 accompanying lenses) and a few more in malls around town.
Interestingly, it was Lens and Shutter that brought an end to these camera stores when they showed up in town, their new and huge store stocked to the rafters and offering far more inventory than any of the other photo stores could even dream of having on their shelves.
I'm sure there's a marketing lesson in all of the above, as dedicated bricks and mortar camera stores permanently close up shop around the world. I don't know specifically what that lesson is, but I presume it's got something to do with the internets