Modelling rent performance of shopping center stores in shopping cluster

Abstract

The stand-alone shopping center and the cluster of shopping centers are two widely observed retail phenomena. In contrast to extensive stand-alone center studies, few studies have been done on the cluster phenomenon. This dissertation aims to examine the storeb s rent determinants, identify the clustering pattern of stores, and explore factors to explain the differences among rent growth rates of stores, all in the cluster context. Three main findings are obtained: firstly, clustering pattern of stores is related to the centersb decisions of space allocation to different retail product types and the centersb location; secondly, traditional rent determinants as well as cluster-contextualized factors designed or employed in this study are found to influence the store rent; thirdly, at longitudinal perspective, differences among rent growth rates of stores can be explained by factors such as the storeb s retail product type and the centerb s frequency of major improvement, market-positioning and sub-cluster location.