Yes that would probably work. I think the pieces of the signal in decreasing importance are: you purchase from a business frequently, the current time is close to the average time at which you purchase from that business, you're physically close to the business.

I wonder if physical proximity really matters relative to the other two pieces? Pizza places can deliver so even if you're across town the ad could still have value. Corner case is when you're on travel and physical distance is very large.