A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents
A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents
复制标题
零售额与购物中心租金关系的模拟分析
DOI：
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发表时间：
2001
影响因子：
0.8
通讯作者：
James D. Shilling
中科院分区：
文献类型：
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作者：
Gregory H. Chun;Mark J. Eppli;James D. Shilling
这篇文章考察了美国各地区购物中心因每平方英尺零售额的不同而导致的每平方英尺租金的变化。该分析开创性地将基础租金和百分比租金视为零售销售的内生函数。分析还进一步区分了事实上的固定租赁和百分比租赁，以及新租赁和现有租赁之间的区别。模拟结果表明，随着零售额的下降，购物中心的租金在短期内很容易增加，或者随着零售额的增加而很容易下降。此外，结果表明，在其他条件相同的情况下，购物中心每平方英尺的租金对每平方英尺零售额随着时间的推移而增加的反应通常比对每平方英尺零售额的下降更积极。
This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis further distinguishes between de facto, if not de jure, fixed and percentage leases, and between new versus existing leases. Simulation results suggest that shopping center rents can easily increase in the short-run as retail sales decrease, or they can easily decrease as retail sales increase. In addition, the results suggest that shopping center rents per square foot generally react more aggressively to an increase in retail sales per square foot over time than to a decrease in retail sales per square foot, all else equal.