Strong, diverse competition raises the market value of each competing service.
It is better to be the best of 10 restaurants placed near to each other, than to be the best of 2 or 3.
Discussion
Few understand this.
Yeah, shame, as it's the most valuable business proposition of an open protocol.
People will come from all over, if they hear there's a whole street with all sorts of restaurants. Just need to get the restaurant key and restaurant chipcard once and you can use it to open any door.
You can do a pubcrawl.
Agreed, I first witnessed this in real life in my 20’s.
A pizza chain restaurant was gradually fading into obscurity until a competitor opened up next door. Most business went to the new kid, but some flowed to the old business reviving its fortunes allowing it to gradually recover. Then another pizza chain restaurant opened down the road and the area became known as Pizza central and attracted a lot of attention.
It is today, 25 years later, the unofficial Italian quarter of the town and is thriving.
Beautiful example
Hence economic areas in cities for certain trades brings forth more of the same which better provides for the consumer. Competition is great.
A themepark works like this. Instead of paying for each ride, you buy a ride-pass and can spend all day on one ride or try out different ones.
Agreed. I want them all to compete and inspire one another. Iron sharpens iron 💪🏽
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Like having multiple currencies compete. The goal.