Can Graffiti add character in a good way?

In a previous post I talked about the "art" of Graffiti so when I came across this piece in my recent wanderings, I had to share it.

The piece is on the side of a small shop and by the looks of it, it's been there for a while. I love the feel of the piece and how it seems to fit within the character of the building and the business within. In fact, this was confirmed when I showed one of the others in our office and they immediately identified the name of the business.

So can good graffiti contribute in a positive way to the character of a space? I believe so and this piece seems to achieve both enhancing it's space along with becoming iconic for the business within.