The paper proposes an updating of two previous papers about the spatial factors of competition (COLLETIS and PECQUEUR, 1993, 2005). It shows two emerging concepts “the territorial resource” and the “territorial heritage” have improved the understanding of the “territory” building process. The paper also analyses how local economic policies may contribute to this process and it draws some conclusions on the desirable evolution of these policies. The territorial resource finds its place in a rereading of globalization and of its corollary, the geographic proximity.