Yes, megachains like Guitar Center cannot undercut local shops (shops to me as well, wtf? Are you being deliberately offensive?) due to MAP and they are closing because they cannot reap major profits. Boohoo. Local shops, at least in my area, seem to be doing well because MAP affords them protections that didn't always exist. Walmart comes in to an area and all the local shop-err-stores close because they cannot afford to sell at zero or loss of profit. Best Buy destroyed local electronics stores. There are many cases of major business crushing local competition because they could afford to operate at a loss until there was nobody else left. Fender (and many others in many industries) recognized the importance and value of shopping local and created MAP.
Local outdoor and fitness shops in my area -dammit I'm American, I must say store!- are thriving next to REI because of MAP.
My wife's apparel company can successfully compete with AMAZON -on their own storefront/shopfront?- because of MAP pricing on trademarked shirts.
I find it unfortunate that Fender is being fined so significantly for something that was intended to protect the little guy. I don't doubt they knew it was illegal in England and did it anyway and do deserve a fine of some sort, but the largest ever?