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Brewing Success: How Starbucks Boosts Small Business Growth
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…
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