Google's major revamp of it's search engine to provide localized search results (called Venice update) : Its impact on current in-place SEO strategies of advertisers and businesses.

Possible impacts include:
i)Rewriting the SEO technical aspects of the companies websites , such that they are aligned with Google Venice updates.Google’s Venice update has caused surprisingly few ripples in the search engine marketing industry given the scale of its impact on search: it’s easily as important as Big Daddy from 2006, itself the most significant update made by Google up to that point.
Most important among the 50+ changes announced from our multinational / global point of view, is Google’s new handling of generic search queries which previously would not have been localised.
Where in the past a search such as ‘seo’ or ‘jacket’ would have simply returned Google’s non-local result set, now Google will include results specific to your location (whether you have actively set your location or not: Google will locate you based on your IP address).


http://searchengineland.com/why-googles-venice-update-fundamentally-changes-global-seo-121484

ii)Leverage the local search results functionality introduced by Google Venice update

Potential benefits to Google include:
a)Sell Adwords at the localized level, increasing the potential of multiple sales of the same AdWord to multiple vendors ...
b) Especially with the recent acquisition of Zagat etc, will help ward off market share being eaten up by localized content providers like Yelp, Groupon etc.

Ram