About 30 years ago when I first started learning about management and business, it came as a surprise to me to hear local managers of places like Target, K-mart among many others, tell how much it helped to have businesses located near to one another, and how it improved business for everyone.
Reading an article recently about Starbucks and how other coffee shop owners started to dread their appearance in the vicinity of their business reminded of that lesson learned so long ago.
The story basically talks about how Starbucks is used as a measure for the overall coffee shop industry. In other words, those that have them move in, and want to stay in business, must bring things up to a minimum of Starbucks level.
Many already surpass that level, and Starbucks can actually give them a boost because their products and services are better than Starbucks is.
In reality, a number of coffee shops increase in business when Starbucks moves in, just like shopping centers and businesses did so long ago when they found the advantages of this arrangement.
No only does competition challenge you to increase the quality of you overall business, but if you're doing it right to begin with, will offer a contrast with your competitors that can make customers appreciate you even more.
Have you found competition to be an aid rather than a hindrance to your business?
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