Location field: allow place names

We have a database of events we are hosting, and want to use the Location field to specify the event’s venue. For example, we’re hosting one at Pizza School NYC.

It would be nice if the field allowed us to specify that, and if I could type “pizza school nyc” in the auto-suggest for the location editor. Unfortunately, it is not possible. We are settling for using a simple text field for specifying the venue, which offers some limitations.