I see where you're coming from, but I think there's another aspect of the value of Groupon that you're ignoring. A groupon allows local businesses to send an e-

I see where you're coming from, but I think there's another aspect of the value of Groupon that you're ignoring. A groupon allows local businesses to send an e-mail to many thousands of nearby residents, one which those residents have opted into and will not be regarded as junk mail. I've bought very few groupons (two total maybe) but I often browse the daily deals and have discovered quite a few interesting local businesses just by reading the groupon. That exposure alone seems like it has to be worth something to those businesses.