Placeful Business: Reimagining a Small Business Concept That Embraces and Enriches Places

Viriya Taecharungroj () and Dissatat Prasertsakul
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Viriya Taecharungroj: Business Administration Division, Mahidol University International College, Nakhon Pathom 73170, Thailand
Dissatat Prasertsakul: Business Administration Division, Mahidol University International College, Nakhon Pathom 73170, Thailand

Sustainability, 2023, vol. 15, issue 12, 1-19

Abstract: Globalisation, commercialisation, commodification, and mass communication have led to a loss of uniqueness and a cultural uniformity in places, known as “placelessness”. This study proposes a novel business concept called “placeful business” that addresses this issue. A placeful business incorporates local heritage, showcases unique architecture and aesthetics, engages with the community, and promotes place sustainability and identity. Qualitative interviews were conducted with 20 stakeholders, and a salience-valence analysis was performed on 874 online reviews from Google Maps, TripAdvisor, Booking.com, Agoda, and Hostelworld. This analysis aimed to reveal the key factors contributing to positive experiences and gain insights into the representation and manifestation of placeful characteristics. Through a mixed-method case study of Once Again Hostel in Bangkok, this research identified several salient attributes of the hostel that reinforce the characteristics of a placeful business and have a positive impact on the community. The authors also observed the interconnected and mutually reinforcing nature of placeful and successful factors. However, it was noted that guests’ perception and understanding of placeful characteristics remained limited. While the placeful business model has not yet gained widespread recognition in the business and academic domains, it offers practical implications for small businesses seeking to differentiate themselves in the global market by infusing their operations with a distinct sense of place. Furthermore, place managers can play a crucial role in promoting and fostering placeful business practices as a means to counteract the growing homogenization of places. The adoption of the placeful business model enables the continuous reinforcement of place identity, which, in turn, contributes to the long-term enhancement of place sustainability.

Keywords: placeful business; placelessness; place identity; sustainable business; business model; small business (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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