I disagree.
Walmart made it big before the internet. It was entering towns, driving the local small businesses under, then leaving because no-one had jobs anymore to buy their stuff - before the internet. Globalization helped of course, but even then only so much. They have nasty practices that work independent of the internet or globalization.
Likewise look at the aircraft industry. Largely just Lockheed and Boeing, having absorbed Rockwell, Northrup, Grumman and countless others. The big cell phone manufacturers - Apple, Samsung, LG, HTC, Alcatel, Foxconn, etc. - and less successful ones like Microsoft and HP - existed before the internet. Many vacuuming up smaller companies. (And often vacuuming up previous industry giants too - DEC, Compaq, etc.)
The internet meant that some established companies had to adapt. Where they didn't - especially music distributors and book distributors like Barnes & Noble - it's not because they couldn't. They had all the advantages from the start. The problem was that they did it absolutely horribly. The music distributors and Barnes & Noble served up user-hostile crap DRM schemes with crap limitations and crap service. Amazon and the Apple store won merely by showing up.
The biggest exception is digital movie distribution replacing Blockbuster video. But the cable companies get a lot of blame for that, their own user-hostility driving customers to Netflix.