That's a fair counter. I think I stretched my usage of "geographical limitations" to include the permitting process and thus new entrants. It would be much easi

That's a fair counter. I think I stretched my usage of "geographical limitations" to include the permitting process and thus new entrants. It would be much easier for someone to build a competitor to the hypothetical Walmart you proposed on the same street, in the same town, somewhere close. Ski resorts need the permit from NFS and they stopped giving those out, so the supply is capped by federal policy.