Centro’s Margret Bell has a nice write up of the previously released OPA research on local sites:

It also uses a range of other third party data in support of the following case:
Recent research shows 1) display advertising drives offline purchases, 2) local display drives more action than portals, and 3) rich media drives more action than static display ads.
Thought not specifically about “local,” this recent comScore research/data also supports the same idea — display ads have a significant impact on offline conversions:
