How Would You Deal With A Competitor That Is Using A Location He Does Not Occupy?

In episode 301 of our weekly Hump Day Hangouts, one viewer asked how to deal with a competitor that is using a location he does not occupy.
The exact question was:
Arrive late and need some advice. One of my main competitors is using a location that he does not occupy. The property sold last week and he was never located there. Is there something I should or could do about this?
