권리금 유무에 따른 상가점포 임대시장에 관한 연구

A Study on the Retail Space Rental Market with or without Goodwill in Korea

This paper investigates the retail space rental market by using data from a survey conducted by the Ministry of Land, Transport, and Maritime Affairs (MLTM) in 2011. The data set we used covers 1,975 retail buildings with 13,283 retail space units. We tested the hypothesis of dichotomous property of retail space rental market by splitting the whole sample into two groups: retail spaces with goodwill and those without it. Our contributions are multifold. First, we used a nationwide dataset. Second, we compare and contrast retail spaces with goodwill and those without it. Finally, we investigate a new analysis of occupancy costs to test our hypothesis of dichotomous retail space market. Employing a hedonic price model and difference-in-means analysis, we show that the retail space market with goodwill is statistically different from the retail space market without it with respect to occupancy costs and several other influential input variables. This study finds that occupancy costs in the retail space market with goodwill for security is statistically significantly higher than in the retail space market without it. Also, occupancy costs in the retail space market with goodwill for security are significantly positively related to total operation terms, while that of the retail space market without the use of it is not. Lastly, management fees and utility costs are not correlated with either monthly rent or deposits in the retail space market with goodwill while they are positively correlated with both in the non–goodwill market.