The impact of a flagship store opening on firm value: evidence from an event study

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-07-04 DOI:10.1016/j.jbusres.2025.115583

Sinem Kargin , Lien Lamey

引用次数: 0

Abstract

Flagship stores are being introduced around the world. This study examines the extent to which flagship stores add value to firms and under which conditions. While flagship stores may not directly intend to generate profits at the store level, they can add value to a firm in other (indirect) ways by (i) communicating and reinforcing the brand image, (ii) building partner relationships, and (iii) offering a blueprint for store development. An event study is used to examine 100 announcements of future flagship store openings made by publicly traded companies worldwide (2018–2023). On average, a flagship store opening does not impact firm value. However, if a flagship store is used to showcase the company’s sustainability strategy or to enter a market, this boosts firm value. Conversely, firms selling highly utilitarian products see value decline after opening a flagship store. The presence of consumer-facing technologies in these stores positively influences firm value.

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旗舰店开业对公司价值的影响：来自事件研究的证据

世界各地都在开设旗舰店。本研究考察了旗舰店为公司增加价值的程度以及在哪些条件下增加价值。虽然旗舰店可能不会直接在商店层面产生利润，但它们可以通过其他（间接）方式为公司增加价值，通过(i)沟通和加强品牌形象，（ii）建立合作伙伴关系，以及（iii）为商店发展提供蓝图。一项事件研究用于调查全球100家上市公司（2018-2023）未来开设旗舰店的公告。平均而言，旗舰店的开业不会影响公司价值。然而，如果旗舰店是用来展示公司的可持续发展战略或进入市场，这提高了公司的价值。相反，销售高度实用主义产品的公司在开设旗舰店后，价值就会下降。这些商店中面向消费者的技术的存在对公司价值产生了积极的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.