If I could simplify what Martin’s saying here, it would be to say, “let density be density” (with apologies to Ronald Reagan). Dense development is good on it’s own. Locally owned businesses can also be good, but one doesn’t require the other.
As an example, I’d point to the area around the Columbia Heights Metro Station in Washington DC. It’s a walkable, urban paradise compared to almost any transit station in Seattle (outside of downtown) and yet it manages to feature a Target, a Best Buy, and more.