소매용 부동산에서 업종구성이 임대수익에 미치는 영향에 관한 연구
A Study on the Effect of the Composition of Tenant Types on Rental Income in Retail Property Building
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
The retail building can enjoy various types of benefit by agglomeration of similar businesses, so called economies of agglomeration. Agglomeration decreases consumer’s search costs and gives consumers an opportunity to compare prices and goods, and increases the possibility to find a right offering to meet their need. The retail building can establish its differentiated image, increase its expertise, extend its trade area and demand potential by using tenant agglomeration which produce consumer utilities. This research tests the impact of tenant agglomeration and the anchor tenant in retail building on its rent income or Net Operating Income (NOI). For empirical analysis, we categorize numerous explanatory variables into region, location, building, facility, owner, and tenant mix characteristics. We measure the degree of tenant agglomeration for the entire building and representative retail tenant categories by using Herfindahl-Hirschman Index. Empirical research shows regional and locational characteristics of the retail building affect its rent income and NOI. And the rent income and NOI of the retail building are also influenced by the building and facility characteristics. Most importantly, this research confirms several types of tenant agglomeration have a positive impact on rent income and NOI of the retail building. Also, anchor tenants have a positive influence. This research shows retail building can utilize its tenant mix strategy to create economies of agglomeration and enhance its rent income and NOI.
Abstract
The retail building can enjoy various types of benefit by agglomeration of similar businesses, so called economies of agglomeration. Agglomeration decreases consumer’s search costs and gives consumers an opportunity to compare prices and goods, and increases the possibility to find a right offering to meet their need. The retail building can establish its differentiated image, increase its expertise, extend its trade area and demand potential by using tenant agglomeration which produce consumer utilities. This research tests the impact of tenant agglomeration and the anchor tenant in retail building on its rent income or Net Operating Income (NOI). For empirical analysis, we categorize numerous explanatory variables into region, location, building, facility, owner, and tenant mix characteristics. We measure the degree of tenant agglomeration for the entire building and representative retail tenant categories by using Herfindahl-Hirschman Index. Empirical research shows regional and locational characteristics of the retail building affect its rent income and NOI. And the rent income and NOI of the retail building are also influenced by the building and facility characteristics. Most importantly, this research confirms several types of tenant agglomeration have a positive impact on rent income and NOI of the retail building. Also, anchor tenants have a positive influence. This research shows retail building can utilize its tenant mix strategy to create economies of agglomeration and enhance its rent income and NOI.
참고문헌 (32)
- 고현림, "소매용 부동산의 수입과 비용 영향요인에 관한 연구", 박사, pp.2015
- 김준형, "오피스건물의 임차인 구성과 그 이질성에 관한 연구", 국토계획, 46(2), pp.169~181 (2011), 대한국토·도시계획학회
- 김찬호, "아파트 단지 내 근린상가 업종의 입지특성 분석을 통한 용도결정에 관한 연구", 국토계획, 36(3), pp.113~129 (2001)
- 노진원, "허핀달-허쉬만 지수를이용한 병원시장의 경쟁수준 측정", 의료경영학연구, 1(1), pp.13~22 (2007)
- 대한상공회의소, "2016 유통산업 통계", ~
- Levy, "Retailing Management" (2004), 한올출판사
- 자영업자 폐업 실태조사, "소상공인시장진흥공단", ~ (2014)
- 송영욱, "한국의 주요 점포 소매업태의 생성및 발전에 대한 연구", 산업과 경영, 17(2), pp.49~72 (2005), 충북대학교
- 양승철, "서울시 오피스빌딩의 임차인 점유가 임대료에 미치는 영향에 관한 연구", 부동산연구, 18(1), pp.49~70 (2008), 한국부동산연구원
- 오세준, "소매용 부동산의 가격상승률에영향을 미치는 요인에 관한 연구", 부동산도시연구, 6(2), pp.115~130 (2014)
- 우경, "The Effect of Passing Pedestrians Characteristics on Retail Rents", 감정평가학논집, 12(2), pp.111~123 (2013), 한국감정평가학회
- "위키피디아"[URL]
- 이재우, "서울 상가시장 임대료결정요인에 관한 연구", 국토계획, 41(1), pp.75~90 (2006), 대한국토·도시계획학회
- 이종은, "소매용 부동산의 임료결정요인에 관한 연구", 부동산연구, 18(2), pp.63~102 (2008), 한국부동산연구원
- 임지묵, "중소형 근린상가의 월세에 대한 보증금 배율 변화에 관한 연구", 부동산학연구, 22(1), pp.25~39 (2016), 한국부동산분석학회[DOI]
- 정승영, "횡단면자료를 이용한 상가임대료결정모형에 관한 연구", 부동산학연구, 12(2), pp.35~62 (2006), 한국부동산분석학회
- Chung Yim Yiu, "A Tenant-mix Model for Shopping Malls", European Journal of Marketing, 46(3, pp.4) (2009), 524~541
- Diana Simona Damian, "The impact of anchor stores on the performance of shopping centres: the case of Sonae Sierra", International Journal of Retail & Distribution Management, 39(6), pp.456~475 (2011)
- Eaton Curtis, "Comparison Shopping and the Cluster of Homogeneous Firms", Journal of Regional Science, 19(4), pp.421~435 (1979)
- François Des Rosiers, "Agglomeration Economics and Retail Concentration as Determinants of Shopping Center Rents", Paper presented at the 2004 Annual ARES Conference (2004)
- Gerbich, "Shopping Center Rentals : An Empirical Analysis of the Retail Tenant Mix", The Journal of Real Estate Research, 15(3), pp.283~296 (1998)
- Hardin Ⅲ, William G., "Neighborhood Center Image and Rents", Journal of Real Estate Finance and Economics, 23(1), pp.31~46 (2001)
- Malcom Kirkup, "Managing tenant mix in new shopping centres", International Journal of Retail & Distribution Management, 22(6), pp.29~37 (1994)
- Mejia, Luis C., "What do we know about the determinants of shopping center sales? Spatial vs. non-spatial factors", Journal of Real Estate Literature, 10(1), pp.3~26 (2002)
- Muhammad Faishal Ibrahim, "New age retail tenants: A new phenomenon", Journal of Retail and Leisure Property, 6, pp.239~262 (2007)
- Rosiers, "Retail Concentration and Shopping Center Rents-A Comparison of Two Cities", Journal of Real Estate Research, 31(2), pp.165~207 (2009)
- Sebnem Burnaz, "A Decision Support on Planning Retail Tenant Mix in Shopping Malls", Procedia Social and Behavioral Sciences, 24, pp.317~324 (2011)
- Sirmans, C. F., "The Determinants of Shopping Center Rents", Journal of Real Estate Research, 8(1), pp.107~115 (1993)
- Tay, R. S., "The Determination of Rent in shopping Centers : some Evidence from Hong Kong", Journal of Real estate Literature, 7(2), pp.183~196 (1999)
- Wilbur Chung, "Agglomeration Effects and Performance: A Test of the Texas Lodging Industry", Strategic Management Journal, 22(10), pp.969~988 (2001)
- Yingru Li, "Assessing the Impact of Retail Location on Store Performance: A Comparison of Wal-Mart and Kmart Store in Cincinnati", Applied Geography, 32, pp.591~600 (2012)
- Tenant Mix Variety in Regional Shopping Centres : Some UK Empirical Analyses, "Yuo", University of Reading Business School, ~, pp.Working Papers in Real Estate & Planning, 2 (2004), 04