The Indicator from Planet Money How Magic Johnson's Starbucks created new neighborhood businesses
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Nov 20, 2024 Exploring the concept of 'third spaces,' the discussion highlights how coffee shops foster community and entrepreneurship. Magic Johnson's partnership with Starbucks revolutionized neighborhoods, leading to a significant boost in local business formation. A study reveals a remarkable 29% increase in entrepreneurship in areas served by these cafes. The episode delves into the challenges of gentrification and the ongoing evolution of Starbucks from a community hub to a convenience-focused service, reflecting broader societal shifts.
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Magic Johnson's Motivation
- Magic Johnson retired from the LA Lakers after testing positive for HIV in 1991.
- Following the LA riots, he was motivated to rebuild his community.
Movie Theaters
- Magic Johnson built movie theaters in Black and Latino neighborhoods.
- His goal was to create jobs and revitalize these communities.
Discovering Starbucks
- Magic Johnson discovered Starbucks while on the East Coast and loved their peach tea.
- He decided to bring Starbucks to underserved communities.