source of cluster advantages as opinion, good or bad, influencing the reputation of an
individual or firm, will flow more easily in a more compact geographical space. The
interview survey highlighted the notion of a credible address as a well regarded brand. For
example, a City location turns a law firm into a “City law firm”. Similarly, insurance
companies gain prestige when in close proximity to Lloyds of London.
Table 1: General Benefits of a London Location
|
How important are each of the following benefits of your location?_________________________________________ | |||||||
|
1 |
2 |
3 |
4 |
5 |
0 |
Total | |
|
Your address is important to being perceived as credible |
18" |
23^^ |
63^ |
111 |
91 |
2" |
1152 |
|
You benefit from a strong, skilled labor supply |
21 |
22 |
62 |
95 |
85 |
22 |
1056 |
|
You benefit from being close to market-leading customers |
18" |
46~ |
66" |
88" |
77 |
12 |
1045 |
|
Your customers external to London find it easier to locate you |
32 |
42 |
72 |
98 |
46 |
15 |
954 |
|
You benefit from being near professional bodies |
36 |
59^^ |
79^ |
68" |
52 |
11 |
923" |
|
Knowledge transfer from the City’s “financial atmosphere” |
28" |
45~ |
75^ |
72" |
57 |
28 |
916^^ |
|
You benefit from being near leading competitors |
49 |
58 |
63 |
73 |
41 |
23 |
851 |
|
Customers external to London find it easier to interact with you |
45~ |
58" |
87" |
62" |
35 |
19 |
845^ |
|
Ability to find firms who will supply bespoke services |
34^ |
75" |
83~ |
56^^ |
36 |
22 |
837" |
|
It is the best place to be to take market share from rivals |
37" |
60" |
74^ |
65^ |
39 |
32 |
834" |
|
Proximity to a relevant exchange or physical marketplace |
55 |
36 |
70 |
44 |
57 |
45 |
798 |
|
Ability to benchmark against competitors |
67 |
68 |
72 |
43 |
23 |
33 |
706 |
|
Local rivalry amongst competitors is a powerful spur |
63" |
70" |
69~ |
44" |
18 |
42 |
676" |
|
Ability to access real time information on market trends |
80" |
65^ |
49^ |
44" |
27 |
41 |
668" |
|
Support from local government |
119 |
66 |
33 |
13 |
11 |
64 |
457 |
|
Access to venture capital |
113 |
46~ |
3Γ |
1T |
11 |
90 |
405^^ |
There are some important differences among firms regarding the importance attached
to this advantage. Firms in legal services and management consultancy place significantly