Wow this is fascinating. I would've written it off as just the unwavering commitment of their audience (which is very true) but that alone wouldn't suffice to have a vibrant local scene apparently. . I remember walking 40 min to the other end of the town just to get to our fav glaces place with my friend, because the others weren't just as good. So i'd like to believe consumers still do play some part 🌞
Thanks Oli! I’d say consumer preference and loyalty plays a big role. I imagine the effect is biggest for businesses that have the best quality and branding (whether or not they’re intentional about or focus on their brand). What’s great about the legal and planning policies mentioned in the article is that they protect retail across the spectrum.
Interesting to understand the policies behind how it works in France. Thanks for sharing.
It’s really not rocket science — if you leave it entirely to the market, the result is lack of diversity and the generic franchises you see across London high streets.
And this is an objective serious question, to what extent are such laws a factor in weakness in the entire French economy? A person to ask about that would be @tylercowen at Twitter.
Fascinating. I’m curious however, about two things. First is the atomization of title. This produces the desirable outcome of burdensome decision making and thus protects the small scale of locsl retail. But what prevents an investor from systematically buying all units and becoming the owner of large consolidated property?
And second, while the intervention of the public housing corporations and the city may artificially lower market prices to help local businesses, where do they get the funding to operate if they have negative operating income? The example of public housing corporations here in America is NYCHA, which is a complete disaster for both the city’s finances and for the tenant’s dignity.
Wow this is fascinating. I would've written it off as just the unwavering commitment of their audience (which is very true) but that alone wouldn't suffice to have a vibrant local scene apparently. . I remember walking 40 min to the other end of the town just to get to our fav glaces place with my friend, because the others weren't just as good. So i'd like to believe consumers still do play some part 🌞
Thanks Oli! I’d say consumer preference and loyalty plays a big role. I imagine the effect is biggest for businesses that have the best quality and branding (whether or not they’re intentional about or focus on their brand). What’s great about the legal and planning policies mentioned in the article is that they protect retail across the spectrum.
Yes, i think it's a little bit like chicken or the eggs. They work in tandem
Interesting to understand the policies behind how it works in France. Thanks for sharing.
It’s really not rocket science — if you leave it entirely to the market, the result is lack of diversity and the generic franchises you see across London high streets.
But becoming more of a problem in NYC too.
You’re welcome, Sam.
Yes, it’s great to know real examples of how targeted shaping of the market can create a more diverse and interesting street level/retail experience.
And this is an objective serious question, to what extent are such laws a factor in weakness in the entire French economy? A person to ask about that would be @tylercowen at Twitter.
Fascinating. I’m curious however, about two things. First is the atomization of title. This produces the desirable outcome of burdensome decision making and thus protects the small scale of locsl retail. But what prevents an investor from systematically buying all units and becoming the owner of large consolidated property?
And second, while the intervention of the public housing corporations and the city may artificially lower market prices to help local businesses, where do they get the funding to operate if they have negative operating income? The example of public housing corporations here in America is NYCHA, which is a complete disaster for both the city’s finances and for the tenant’s dignity.
Thanks for this piece. Very interesting.
This is a great example of how to achieve variety and independent local businesses. Thanks for sharing it!