서울시 상가 권리금과 임대료 결정요인의 비교연구

A Comparative Study on the Determinants of Goodwill and Rent in Seoul

The government in order to better protect tenants in general has amended the “Commercial Building Lease Protection Act”, which includes the guarantee of collecting back the goodwill. However, unlike normal rent, it is very likely that goodwill can vary from time to time depending on different business practices between tenants. Hence it is difficult to specify the constituent factors and to evaluate the value of goodwill in reliable means. This study has analyzed actual proofs of the determinants of rent and goodwill on retail stores. The results of the analysis are summarized as follow. First, different types of business practices have significant effects on the rent and the goodwill. Commonly surrounding real estate market conditions and physical location are deciding factors to rent rate. The lessors can also seek more maximized operating profits and achieve incremental value increase of their properties by attracting more successful and/or recognized tenants with such strong brand power. Hence, the lessors are keen on providing discount on rent and/or other additional benefits to attract better tenants. The value status of such goodwill is affected by the surrounding real estate market conditions but the main contributing factor is directly derived by the level of operating profit generated by the retail store. Second, the higher the goodwill, the higher the rent. Conversely, the high rent level does not necessarily reflect on high goodwill. For example, the rent rate can more volatile if the rent area per goodwill is large. In other words, the determinants of rent and goodwill can be also influenced by such time lapse between deciding two different indicators.