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Tenant Mix Variety in Regional Shopping Centres: Some UK Empirical Analyses

Author

Listed:
  • Tony Yuo
  • Neil Crosby

    (Department of Real Estate & Planning, University of Reading Business School)

  • Colin Lizieri

    (Department of Real Estate & Planning, University of Reading Business School)

  • Philip McCann

Abstract

The variety and quality of the tenant mix within a shopping centre is a key concern in shopping centre management. Tenant mix determines the extent of externalities between outlets in the centre, helps establish the image of the centre and, as a result, determines the attractiveness of the centre for consumers. This then translates into sales and rents. However, the management of tenant mix has largely been based on perceived 'optimum' arrangements and industry rules of thumb. This paper attempts to model the impact of tenant mix on the rent paid by retailers in larger UK shopping centres and, hence, the returns made by shopping centre landlords. It extends work on shopping centre rent determination (see Working Paper 10/03) utilising a database of 148 regional shopping centres in the UK, with detailed data for over 1900 tenants. Econometric models test the relationship between rental levels and the levels of retail concentration and diversity, while controlling for a range of continuous and qualitative characteristics of each tenant, each retail product, and each shopping centre. Factor analysis is then used to extract the core retail and service categories from the tenant lists of the 148 shopping centres. The factor scores from these core retailer factors are then tested against rent payable. The results from the empirical analysis allow us to generate some clear analytical and empirical implications for optimal retail management.

Suggested Citation

  • Tony Yuo & Neil Crosby & Colin Lizieri & Philip McCann, 2004. "Tenant Mix Variety in Regional Shopping Centres: Some UK Empirical Analyses," Real Estate & Planning Working Papers rep-wp2004-02, Henley Business School, University of Reading.
    • Handle: RePEc:rdg:repxwp:rep-wp2004-02
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    File URL: http://www.reading.ac.uk/LM/LM/fulltxt/0204.pdf
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    Cited by:

    1. Yun-Myong Yi & Tae-Hyoung Tommy Gim, 2018. "What Makes an Old Market Sustainable? An Empirical Analysis on the Economic and Leisure Performances of Traditional Retail Markets in Seoul," Sustainability, MDPI, vol. 10(6), pages 1-22, May.
    2. Tim Brühn & Georg Götz, 2015. "Exclusionary Practices in Two-Sided Markets: The Effect of Radius Clauses on Competition Between Shopping Centers," MAGKS Papers on Economics 201518, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    3. Wieland, Thomas, 2014. "Räumliches Einkaufsverhalten und Standortpolitik im Einzelhandel unter Berücksichtigung von Agglomerationseffekten: Theoretische Erklärungsansätze, modellanalytische Zugänge und eine empirisch-ökonome," MPRA Paper 77163, University Library of Munich, Germany.
    4. Jens Hirsch & Matthias Segerer & Kurt Klein & Thomas Wiegelmann, 2016. "The analysis of customer density, tenant placement and coupling inside a shopping centre with GIS," Journal of Property Research, Taylor & Francis Journals, vol. 33(1), pages 37-63, March.

    More about this item

    Keywords

    retail agglomeration; inter-store externalities; core-periphery model; shopping centre image;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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