电子商务是由零售房地产投资者定价的投资风险吗？调查

IF 2.1 Q2 URBAN STUDIES

Journal of Property Research Pub Date : 2021-11-02 DOI:10.1080/09599916.2021.1996447

Carina Kaiser, J. Freybote

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引用次数: 6

摘要

在过去的20年里，网上购物已经发展成为实体零售店的主要威胁。我们调查零售房地产投资者是否将电子商务定价为一种投资风险。特别是，我们分析了电子商务销售是否对零售房地产回报具有信息价值。专注于2000年至2018年期间的机构级购物中心，我们发现电子商务销售预测了下一季度的总回报。这种效应是由资本回报驱动的，这表明电子商务确实被定价为一种投资风险。虽然在不同类型的购物中心中都是一致的，但这种影响在区域性和超区域性购物中心中强于邻里和社区购物中心。对这种差异的解释包括这些不同购物中心类别的零售租户类型以及电子商务对其业务的不同影响。

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Is e-commerce an investment risk priced by retail real estate investors? An investigation

ABSTRACT Over the last 20 years, online shopping has evolved into a major threat to the physical retail store. We investigate whether retail real estate investors price e-commerce as an investment risk. In particular, we analyse whether e-commerce sales have informative value for retail real estate returns. Focusing on institutional-grade shopping centres over the period of 2000 to 2018, we find that e-commerce sales predict total returns in the next quarter. This effect is driven by capital returns, which suggests that e-commerce is indeed priced as an investment risk. While consistent across mall types, this effect is stronger for regional and super-regional malls than neighbourhood and community shopping centres. Explanations for this difference include the types of retail tenants in these different mall categories and the varying impact of e-commerce on their business.

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来源期刊

Journal of Property Research URBAN STUDIES-

CiteScore

3.80

自引率

5.30%

发文量

期刊介绍： The Journal of Property Research is an international journal. The title reflects the expansion of research, particularly applied research, into property investment and development. The Journal of Property Research publishes papers in any area of real estate investment and development. These may be theoretical, empirical, case studies or critical literature surveys.