(informal) Any long established and respected place or business.
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Over time, the local pub has become something of an institution.
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[quoting Giles Coren] "The Wykeham Arms [a pub] is destroyed. They have turned a great old English institution into a shameful clip-joint. It's a shuddering, howling tragedy."
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2009 February 19, Gareth Lewis, “Giles Coren slams Winchester pub The Wykeham Arms”, in Southern Daily Echo[1]: