The Effect of Passing Pedestrians Characteristics on Retail Rents
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The effect of passing pedestrians’ characteristics on retail rents was empirically modeled and tested. The theoretical basis for the study was the equilibrium model based on consumer and retailer behaviour. The data included information on retail rents and passing pedestrians’ characteristics for the 96 major trade areas in South Korea. As the results, using the regression tree method, the variables do affect retail rents of the study areas were volume of female pedestrians in the thirties around 7:00pm in weekday, volume of female pedestrians in the teens around 4:00pm in weekday, volume of male pedestrians in the thirties around 12:00pm in weekend, and volume of female pedestrians in the thirties around 12:00pm in weekend. In summary, not only numbers of the customers of a store but also volume of passing pedestrians should be considered to determine the retail rents.
Abstract
The effect of passing pedestrians’ characteristics on retail rents was empirically modeled and tested. The theoretical basis for the study was the equilibrium model based on consumer and retailer behaviour. The data included information on retail rents and passing pedestrians’ characteristics for the 96 major trade areas in South Korea. As the results, using the regression tree method, the variables do affect retail rents of the study areas were volume of female pedestrians in the thirties around 7:00pm in weekday, volume of female pedestrians in the teens around 4:00pm in weekday, volume of male pedestrians in the thirties around 12:00pm in weekend, and volume of female pedestrians in the thirties around 12:00pm in weekend. In summary, not only numbers of the customers of a store but also volume of passing pedestrians should be considered to determine the retail rents.
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