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How Critical Is a Good Location to a Regional Shopping Center?

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    Abstract

    The goal of this paper is to empirically measure the consumer utility tradeoff between store location (i.e., distance to a shopping center) and retail agglomeration in regional shopping centers. Using the Lakshmanan and Hansen retail expenditure model, our findings reveal that the distance specification is of surprisingly little importance in explaining retail sales. Conversely, agglomeration economies were of significant importance in explaining consumer patronage at regional shopping centers. The implication of these results is that smaller regional shopping centers may be dominated by large super-regional shopping centers with the smaller one or two anchor regional shopping centers unable to compete with the larger, many-anchored super-regional shopping centers.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol12n03/v12p459.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 12 (1996)
    Issue (Month): 3 ()
    Pages: 459-468

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    Handle: RePEc:jre:issued:v:12:n:3:1996:p:459-468

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. B. Curtis Eaton & Richard G. Lipsey, 1976. "Comparison Shopping and Clusters of Homogeneous Firms," Working Papers 226, Queen's University, Department of Economics.
    2. Mark J. Eppli & John D. Benjamin, 1994. "The Evolution of Shopping Center Research: A Review and Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 5-32.
    3. West, Douglas S & Von Hohenbalken, Balder & Kroner, Kenneth, 1985. "Tests of Intraurban Central Place Theories," Economic Journal, Royal Economic Society, vol. 95(377), pages 101-17, March.
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    Cited by:
    1. John Clapp & Katsiaryna Bardos & Tingyu Zhou, 2014. "Expansions and Contractions of Major US Shopping Centers," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 16-56, January.
    2. Ming-Long Lee & R. Kelley Pace, 2005. "Spatial Distribution of Retail Sales," The Journal of Real Estate Finance and Economics, Springer, vol. 31(1), pages 53-69, August.
    3. M. Gordon Brown, 1999. "Design and Value: Spatial Form and the Economic Failure of a Mall," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 189-226.
    4. Haugen, Katarina & Vilhelmson, Bertil, 2013. "The divergent role of spatial access: The changing supply and location of service amenities and service travel distance in Sweden," Transportation Research Part A: Policy and Practice, Elsevier, vol. 49(C), pages 10-20.
    5. Francois Des Rosiers & Marius Theriault & Catherine Lavoie, 2009. "Retail Concentration and Shopping Center Rents - A Comparison of Two Cities," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 165-208.
    6. William G. Hardin III & Marvin L. Wolverton, 2000. "Micro-Market Determinants of Neighborhood Center Rental Rate," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 299-322.
    7. Gabriel Ahlfeldt, 2007. "If Alonso Was Right: Accessibility as Determinant for Attractiveness of Urban Location," Working Papers 012, Chair for Economic Policy, University of Hamburg.
    8. Alexander Kubis & Maria Hartmann, 2007. "Analysis of Location of Large-area Shopping Centres. A Probabilistic Gravity Model for the Halle–Leipzig Area," Jahrbuch für Regionalwissenschaft, Springer, vol. 27(1), pages 43-57, February.

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