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Store Location in Shopping Centers: Theory & Estimates

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  • Charles C. Carter

    ()
    (Marylhurst University, Center for Professional Real Estate Studies, 17600 Pacific Highway, P.O. Box 260, Marylhurst, Oregon 97036)

  • Kerry D. Vandell

    ()
    (Department of Real Estate & Urban Land Economics, University of Wisconsin-Madison, Madison, Wisconsin 53706)

Abstract

This paper develops a formal theory of store location within shopping centers based on bid rent theory. The bid rent model is fully speci?ed and solved with the objective function of pro?t maximization in the presence of comparative, multipurpose and impulse shopping behavior. Several hypotheses result about the optimal relationships between store types, sizes, rents, sales, and distances from the mall center. The hypotheses are tested and con?rmed using data from a sample of 689 leases in eight regional and super-regional shopping centers, suggesting that a bid rent explanation is consistent with observed location patterns in malls.

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Bibliographic Info

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

Volume (Year): 27 (2005)
Issue (Month): 3 ()
Pages: 237-266

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Handle: RePEc:jre:issued:v:27:n:3:2005:p:237-266

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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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  1. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
  2. Pashigian, B Peter & Gould, Eric D, 1998. "Internalizing Externalities: The Pricing of Space in Shopping Malls," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 115-42, April.
  3. Brueckner, Jan K, 1993. "Inter-store Externalities and Space Allocation in Shopping Centers," The Journal of Real Estate Finance and Economics, Springer, vol. 7(1), pages 5-16, July.
  4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  5. C.F. Sirmans & Krisandra A. Guidry, 1993. "The Determinants of Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 107-116.
  6. Coulson, E., 1990. "Really Useful Tests Of The Monocentric Model," Papers 1-90-5, Pennsylvania State - Department of Economics.
  7. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
  8. Peiser, Richard B., 1987. "The determinants of nonresidential urban land values," Journal of Urban Economics, Elsevier, vol. 22(3), pages 340-360, November.
  9. Dean H. Gatzlaff & G. Stacy Sirmans & Barry A. Diskin, 1994. "The Effect of Anchor Tenant Loss on Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 99-110.
  10. John D. Benjamin & Glenn W. Boyle & C. F. Sirmans, 1990. "Retail Leasing: The Determinants of Shopping Center Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 302-312.
  11. Keith R. Ihlanfeldt & Michael D. Raper, 1990. "The Intrametropolitan Location of New Office Firms," Land Economics, University of Wisconsin Press, vol. 66(2), pages 182-198.
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Cited by:
  1. 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.

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