A new study from two of Columbia Business School's brightest minds, Jinkyong Choi and Jorge Guzman, reveals a striking correlation between the opening of Starbucks locations and a subsequent increase in local business activity. Specifically, neighborhoods witnessing the entry of their first Starbucks saw approximately a 5% uptick in new businesses compared to areas without such an addition. Choi and Guzman join this episode of Paychex THRIVE to discuss this phenomenon and share why Starbucks, with its inviting atmosphere for lingering and networking, is accelerating small business growth.
Topics include:
00:00 – Episode preview and welcome
00:53 – Welcome and introduction of guests
02:28 – Jorge Guzman’s background
03:15 – Jin Choi’s background
03:54 – Overview of Choi and Guzman’s study
05:53 – Impact of Starbucks on local entrepreneurship
07:16 – Comparison with other coffee shops
09:52 – Starbucks' role in supporting freelancers
11:17 – Methodology of the study
13:16 – Is Starbucks choosing growing areas vs. causing growth?
14:28 – Implications of zoning board decisions on Starbucks locations
17:01 – Data sources for the study
18:02 – Impact of COVID-19 and study considerations
19:02 – Takeaways and strategies for small business owners
20:47 – Benefits of opening a business near a Starbucks
23:17 – Discussion on research about Starbucks and neighborhood entrepreneurship
24:28 – Wrap up and thank you
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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