The US retail industry has undergone enormous restructuring resulting in construction of new retail space, abandonment of nearby space, bankruptcies, mergers and acquisitions. This paper estimates discrete choice models of opening and closing probabilities of anchors at a given time and location. A probit model with location fixed effects estimates opening and closing probabilities over time and a conditional logit model (CLM) estimates the odds that a given location will be chosen over a competitor. Probabilities are evaluated from the perspective of a given type of anchor classified as low-, mid- or high-price. New findings include the trade-off between competition from same type anchors and localization benefits (different type) associated with comparison shopping in a retail cluster. We develop a new tool for evaluating risks to any existing retail cluster: risks associated with opening a new anchor and with closures of existing anchors. We demonstrate out-of-sample predictive accuracy.
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Sep 20, 2015
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera