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Analyzing the impact of three-dimensional visibility value on shopping center retail unit rental prices

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  • Nur A Khairunnisa
  • Ahmad Gamal

Abstract

This research examines the effect of a three-dimensional visibility value variable on shopping experience and estimates the contribution to retail units’ rental prices for shopping centers. The visibility value in a three-dimensional scheme is measured by adding storefront area volume to existing two-dimensional calculations. This study utilized an explanatory research design and a quantitative analysis method—a STATA regression test—for 150 store units in Jakarta. All units are permanent physical stores, excluding food courts, anchor, and exhibitions. The results showed that visibility value has the positive effect of increasing the average initial rental price by 6% (IDR15,403). The findings of this research can be useful for shopping center managers when estimating rental rates for retail units and architects when considering the visibility factor when designing shopping centers.

Suggested Citation

  • Nur A Khairunnisa & Ahmad Gamal, 2023. "Analyzing the impact of three-dimensional visibility value on shopping center retail unit rental prices," Environment and Planning B, , vol. 50(3), pages 621-641, March.
    • Handle: RePEc:sae:envirb:v:50:y:2023:i:3:p:621-641
    DOI: 10.1177/23998083221123329
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    References listed on IDEAS

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    1. Qiulin Ke & Wencan Wang, 2016. "The factors that determine shopping centre rent in Wuhan, China," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 34(2), pages 172-185, March.
    2. Cathy Hart & Andrew M. Farrell & Grazyna Stachow & Gary Reed & John W. Cadogan, 2007. "Enjoyment of the Shopping Experience: Impact on Customers' Repatronage Intentions and Gender Influence," The Service Industries Journal, Taylor & Francis Journals, vol. 27(5), pages 583-604, July.
    3. Bruce L. Gordon & Daniel Winkler & J. Doug Barrett & Leonard Zumpano, 2013. "The Effect of Elevation and Corner Location on Oceanfront Condominium Value," Journal of Real Estate Research, American Real Estate Society, vol. 35(3), pages 345-364.
    4. Randy E. Dumm & G. Stacy Sirmans & Greg T. Smersh, 2016. "Price Variation in Waterfront Properties Over the Economic Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 38(1), pages 1-26.
    5. C.F. Sirmans & Krisandra A. Guidry, 1993. "The Determinants of Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 107-116.
    6. Ilir Nase & Jim Berry & Alastair Adair, 2013. "Hedonic modelling of high street retail properties: a quality design perspective," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 31(2), pages 160-178, March.
    7. Michael T. Bond & Vicky L. Seiler & Michael J. Seiler, 2002. "Residential Real Estate Prices: A Room with a View," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 129-138.
    8. Marcin Gasior & Lukasz Skowron, 2014. "A Multidimensional Structure of Shopping Centre Visit Objectives - An European Consumers Perspective," International Journal of Business, Economics and Management, Conscientia Beam, vol. 1(10), pages 305-315.
    9. Ahmad Gamal & Muhammad Joko Romadhon, 2022. "Impact of visibility on indoor retail store rent," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 41(1), pages 106-123, August.
    10. Marcin Gasior & Lukasz Skowron, 2014. "A Multidimensional Structure of Shopping Centre Visit Objectives - An European Consumers Perspective," International Journal of Business, Economics and Management, Conscientia Beam, vol. 1(10), pages 305-315.
    11. Qiulin Ke & Wencan Wang, 2016. "The factors that determine shopping centre rent in Wuhan, China," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 34(2), pages 172-185, March.
    12. Ilir Nase & Jim Berry & Alastair Adair, 2013. "Hedonic modelling of high street retail properties: a quality design perspective," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 31(2), pages 160-178, March.
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