Today I found an interesting post on UK Webmaster forum about something new in the domain industry - City of Los Angeles decided to create it.s own top level domain extension .LA. As it turned out this is actually not so new according to Temi’s SEO Blog.
Will it become a new popular movement with many other extensions to follow?

The interesting part that all most popular names that could be in high demand were reserved and already offered for sale at the premium price anywhere from $1000 to $50,000 . For example “girls.la” or “star.la” are priced at the highest $50K while “kids.la” or “gifts.la” could be acquired for only $1K.

Personally I think these new TLD extensions would work for a local business and can actually be kind of useful to identify company as local. It may be even cute to have your name registered as a domain with local extension if you want to show off where you live…

For the website looking for global exposure this new local domain in my opinion will do no good…