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Inter-store Externalities and Space Allocation in Shopping Centers

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Author Info
Brueckner, Jan K

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Abstract

This article analyzes the problem of optimal space allocation in shopping centers in the presence of inter-store externalities. In the model, a given store's sales depend on its own space as well as on the space allocated to other stores in the center. The given stores' own sales rise as other stores grow in size because the shopping center is then more attractive to customers. Taking this externality into account, the developer allocates space to the various stores to maximize the shopping center's profit, which equals total rent minus operating costs. The solution to this problem is analyzed under a number of different behavioral assumptions. Copyright 1993 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 7 (1993)
Issue (Month): 1 (July)
Pages: 5-16
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Handle: RePEc:kap:jrefec:v:7:y:1993:i:1:p:5-16

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  1. Gregory H. Chun & Mark J. Eppli & James D. Shilling, 2001. "A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 21(3), pages 163-186. [Downloadable!]
  2. William G. Hardin III & Marvin L. Wolverton & Jon Carr, 2002. "An Empirical Analysis of Community Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 163-178. [Downloadable!]
  3. Patric H. Hendershott & Charles W.R. Ward, 2002. "Valuing and Pricing Retail Leases with Renewal and Overage Options," NBER Working Papers 9214, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. 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. [Downloadable!]
  5. Hideo Konishi & Michael Sandfort, 2001. "Anchor Stores," Boston College Working Papers in Economics 516, Boston College Department of Economics, revised 14 Nov 2002. [Downloadable!]
    Other versions:
  6. Peter F. Cowell & Henry J. Munneke, 1998. "Percentage Leases and the Advantages of Regional Malls," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 239-252. [Downloadable!]
  7. Peter Chinloy & James Musumeci, 1994. "Shopping Center Financing: Pricing Loan Default Risk," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 49-64. [Downloadable!]
  8. William G. Hardin III & Jon Carr, 2006. "Disaggregating Neighborhood and Community Center Property Types," Journal of Real Estate Research, American Real Estate Society, vol. 28(2), pages 167-192. [Downloadable!]
  9. Francois Des Rosiers & Marius Theriault & Laurent Menetrier, 2005. "Spatial Versus Non-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 293-320. [Downloadable!]
  10. Thomas J. Miceli & C.F. Sirmans & Denise Stake, 1998. "Optimal Competition and Allocation of Space in Shopping Centers," Journal of Real Estate Research, American Real Estate Society, vol. 16(1), pages 113-126. [Downloadable!]
  11. 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. [Downloadable!]
  12. Gould, Eric D & Pashigian, B. Peter & Prendergast, Canice, 2002. "Contracts, Externalities and Incentives in Shopping Malls," CEPR Discussion Papers 3598, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  13. Marcus Gerbich, 1998. "Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 283-296. [Downloadable!]
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