William T. Dillard (1914-2002), founder of the Dillard’s department stores, is the person most often credited with the quotation, “Location, location, location.” Supposedly, one of the things that helped make him so successful was that he took notice of consumer’s shifting preference to indoor shopping malls. Of course, all you have to do is look at The Domain here in Austin for evidence that this preference seems to be shifting yet again.
We got to thinking a lot about location recently, wondering if it is equally important across all industries. With retail stores, restaurants, etc.—of course. Location is absolutely key. (Again—Austinites, if someone gave you $5 million 5 years ago to open a retail store, would Highland Mall be anywhere on your list of possibilities? Well I sure hope not, because it’s about to become the next ACC campus.) But in the age of globalization, Rebecca Black, and Cheezburgers, does location for certain types of business really matter anymore? If it’s not obvious yet, I’m talking about PR firms (though the same question could apply for interactive agencies, web developers, journalists, etc.) Continue reading