“Feudal Barons Extracting Tribute”: Narratives of Market Power in the Australian Retail Property Sector during the 1980s

This article analyzes the ways that shopping center tenants deployed narratives to encourage government intervention in the Australian retail property sector during the 1980s. Tenants claimed that landlords were abusing their market power through a range of egregious and exploitative practices. Landlords responded with stories of their own, claiming that amateurish retailers were using isolated cases to make broad generalizations about the industry as a whole. Politicians retold retailers’ stories in Parliament, championed small business enterprise as a driver of economic growth, and produced retail leasing legislation aimed at protecting shopping center tenants. In the process, established conceptions of shopping centers were inverted. In the 1960s and 1970s they were seen as bastions of capitalist enterprise constructed by nation-building visionaries. Through stories, retailers captured the cultural legitimacy of entrepreneurship from their landlords, who were characterized as feudal barons blocking the free operation of markets they controlled. Exploring these developments offers new insights into the relational dynamics of preplanned retail environments, expands our understanding of postwar Australian retail history, and contributes to a growing historiography on the role of narrative in business history.

The COVID-19 Pandemic and Commercial Property Rent Dynamics

This paper utilizes timely proprietary data to examine the contemporary impact of the COVID-19 pandemic on commercial property rent dynamics in the Asia–Pacific region. Given that the Asia–Pacific region was the first to be impacted by the public health crisis, it is important to examine how the COVID-19 pandemic has affected the real estate markets in this region and to assess how the region has been recovering since then. Our regression analysis, controlling for different macroeconomic fundamentals and city and property type fixed effects, documents substantial declines in rents of approximately 15% during the first six months of 2020 across the Asia–Pacific commercial property market. We further observe that the most significant declines in rent occur in regions where exposure to the COVID-19 pandemic is the more severe, and in the retail property sector, where we have been observing continued declines of over 30%, with little recovery as of the second quarter of 2020. In additional analysis, we examine capital values and show that while capital targeting the retail property sector has been muted, there is some evidence showing capital flows into the residential and industrial sectors. We also show that fiscal stimuli imposed by governments have moderated the adverse impact of the pandemic. Overall, our study shows that while the effect of the COVID-19 public health crisis is detrimental to commercial real estate, its impact varies significantly across different regions and property sectors.

The “glocalisation” of Istanbul's retail property market

PurposeThe continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome.Design/methodology/approachThe morphogenetic approach is adapted and applied to analyse the dynamics of market change. The focus is on the character and behaviour of national and international market actors and how they interact with the wider political economy. The research uses a combination of elite interviews, document analysis and corporate case studies to obtain empirical evidence.FindingsThe liberalisation of the Turkish economy heralded the entry of the first international companies into Istanbul's retail property market in the 1990s. International involvement expanded rapidly after 2004, accelerating the process of market re-structuring. However, while the number of global buy-outs increased, the expansion of local property companies–and the establishment of some international/national corporate partnerships–was even more marked. This resulted in a “glocalised” market with a strong and distinctive local culture.Originality/valueIstanbul has been a major centre of trade for millenia. This is the first substantive analysis of the recent restructuring of the city's retail property market. Previous research on market maturity and market evolution has paid limited attention to the dynamics of change. The paper describes the use of a process-based theoretical framework (morphogenesis) that was explicitly designed to analyse structural shifts in socio-economic conditions through an examination of the characteristics and behaviours of the actors involved.

Features of determining the market value of retail real estate and individual trade related properties during pre-trial evaluation and forensic examination

The present article deals with the specifics of valuation of retail property and individual trade related properties on the basis of the international experience and as recommended by International Valuation Standards and RICS (The Royal Institution of Chartered Surveyors (Great Britain)) valuation standards (Red Book). The present article is justified as currently Russia lacks a standard, uniform for the valuers or legal experts, to be used for the purposes of valuation of similar subjects. At the same time, methodical literature is insufficient while there are numerous property disputes that call for pre-court valuations and expert evidence of valuation of such subjects, including numerous litigations arising out of bankruptcy or establishing cadaster value to the amount of market value. The author reviews the existing approaches to valuation of real estate in accordance with both the international and national standards and awards professional recommendations pertaining to the use of the income approach to value retail real properties and individual trade related properties. The definitions and metrics of the above real properties’ groups are described separately. Also, the author provides guidelines for inquiry of the documents and information necessary for the acquisition of the data to be used in the course of valuation and expert evidence. All pricing factors are described in detail in the present article against the examples of retail real properties and individual trade related properties (say, hotel) and explanation of their effect on the market value in case the income approach is applied is provided.

The Influence of Performance-Based Building Design on the Strategy of Retail Property in Indonesia

Management of retail property is important in accommodating tenants who occupy retail space and consumers as a retail property business activity. Performance-based Building Design (PBBD) is a concept that can be used in planning and designing so that retail buildings can operate as expected. In this regard, the strategy of retail space contains three indicators of performance that are effectiveness, profitability, and efficiency. This study finds gaps in retail property management design research. Therefore, the purpose of this study is to determine the effect of PBBD application on the strategy for retail property space in Indonesia. A total of 96 respondents were involved in this study. Data were collected through a questionnaire survey to stakeholders who play a role in the development and management of the retail property in Surabaya. The data were then analyzed using multiple regression. From the analysis, it was found that the application of PBBD, namely user/occupant interest, building management, the process of design collaboration had a positive effect, while the risk of loss had a negative effect. This means that the increased application of PBBD, namely occupant interest, building management, the process of design collaboration and reduced risk of loss in retail buildings, can improve the strategy for managing retail property space in Surabaya, Indonesia. A more detailed analysis of each indicator of the retail space strategy shows different results. The result show that the application of PBBD influence to the effectiveness contributes 44.6%, the influence of PBBD application to the profitability contributes 49.4%, the application of PBBD has an influence for the efficiency by 61.5%, and overall, the influence of PBBD application to the management retail property space contributes 68.9%. The results of this research are very important and have implications for retail space planning strategies. What will happen to retail property management at the operational stage, it can be seen through the implementation of PBBD in the briefing and planning stages.

LOCALE-VARYING RELATIONSHIPS BETWEEN TOURISM DEVELOPMENT AND RETAIL PROPERTY PRICES IN A SHOPPING DESTINATION

Existing literature has inadequately examined the nexus between tourism and property prices. Additionally, it mainly focuses on hotels and housing, thereby overlooking other property categories (e.g., retail properties). The relationship between tourism development and retail property prices in shopping destinations (e.g., Hong Kong and Singapore) may hinge on the locale. More specifically, the relationship may be different in the tourist precinct or popular tourism shopping area (PTSA) and the unpopular tourism shopping area (UTSA). This study examines locale-varying relationships between tourism development (measured by tourist volume and tourism expenditure) and retail property prices from 2002Q1 to 2014Q4 in Hong Kong using standard and error-correction-model-based (ECM-based) Granger causality tests. Results of standard Granger causality tests indicate that tourism development Granger causes the increase in retail property prices in the PTSA but not in the UTSA. Moreover, results of ECM-based Granger causality tests further verify the robustness and plausibility of the tourism-led growth (in retail property prices) hypothesis in the PTSA. In other words, we find that tourism development measures can be used to better predict changes in retail property prices in the PTSA than simply referring to the price history.