It's an old adage, and a cliche, but location is so important. Just got back from the White Sox-Cubs game at Wrigley field, and nothing other than location can explain why so many people still go see the Cubs play every day. Lots of other teams have played crappy baseball in old-fashioned ballparks that don't sell out, but not the Cubs.
This is all very similar to some businesses I know, where employees are dissatisfied, but will never leave because the location of the firm allows them to live in a great place. Location can be a competitive advantage not only in real estate value and foot traffic but in the retention of great talent at market or below market rates (consider this next time your moving your business to the far out burbs or a po-dunk town to save money)