A restaurant chain, like a retailer, has 15–20 years of fast growth ahead of it as it expands. This is supposed to be a cutthroat business, but the fledgling restaurant company is protected from competition in a way that an electronics company or a shoe company is not. If there’s a new fish-and-chips chain in California and a better one in New York, what’s the impact of the New York chain on the California chain? Zero.
