文章基本信息

标题：Is Wal-Mart a Bad Neighbor? Repeat Sales Evidence on How Residential Property Values React to a New Big-Box Store
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作者：Daniel K. N. Johnson ; Kristina Acri née Lybecker
期刊名称：Open Journal of Social Sciences
印刷版ISSN：2327-5952
电子版ISSN：2327-5960
出版年度：2018
卷号：06
期号：08
页码：15-32
DOI：10.4236/jss.2018.68002
语种：English
出版社：Scientific Research Publishing
摘要：While there is anecdotal evidence that home values decline when a big-box store, such as Wal-Mart, decides to locate in the area, there is little empirical evidence of that effect. This paper uses a repeat sales model to measure the impact that an arrival has by comparing residential property values, and the speed of sale of the property. Results demonstrate that there is a “news effect” surrounding the arrival, and that the total effect is small, on both property resale value and the number of days that a property spends on the market prior to sale. That impact depends on the type of store, but in the worst-case scenario, the arrival of a big box store is associated with a decline equal in size to mistiming the market by a year. Interestingly, all impacts improve with time, so that even the worst impacts are completely eliminated shortly after a store opening, and the long-run impact on property values is unambiguously positive. So Wal-Mart is quite the opposite of a bad neighbor, if the resident can be patient for the long-term effect.
关键词：Externality;Location;Real Estate;Residential;Retail