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

Mark J. Eppli () and James D. Shilling ()
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Mark J. Eppli: George Washington University Department of Finance 540 Lisner Hall 2023 G Street, NW Washington, D.C. 20052, http://www.sbpm.gwu.edu/depts/fin/default.htm
James D. Shilling: University of Wisconsin Department of Real Estate and Urban Land Economicsa 5262 Grainger Hall 975 University Avenue Madison, Wisconsin 53706-1323, http://wiscinfo.doit.wisc.edu/bschool/dept/re.htm

Journal of Real Estate Research, 1996, vol. 12, issue 3, pages 459-468

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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
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