"Υπάρχει πολύς ανταγωνισμός σε αυτήν την πόλη."
Μετάφραση:There is much competition in this city.
"there is lots of competition in this city" is currently marked as incorrect, general strengthening on web. 'Lots', 'a lot' and 'many/much' should all be acceptable translations of πολύς.
(FWIW, "there is much competition in this city" also sounds a bit awkward in English and "lots of" or "a lot of" should be the primary translation here).
I guess it sounds a tiny bit awkward, although I think it's correct. It's been noted for correction, thank you for your comment ^.^