이전글
| Timing, Location, and Strategic Choice under Retail Regulation | |||||
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| 저자 | Mun Su Park* | YEAR | 2025 | ||
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This study examines how retail regulation centered on the protection of traditional markets
reshapes retailers’ spatial and temporal strategies and, in turn, the restructuring of urban commercial space. Focusing on three hypotheses, it tests whether retail regulation (H1) induces spatial reallocation rather than suppressing entry, (H2) encourages late-entry strategies conditioned by land-value dynamics and commercial hierarchy, and (H3) increases land-use conversion of retail sites as an adaptive response to regulatory pressure. Using store-level data on large-format retail stores in South Korea and exploiting multiple policy interventions implemented since the mid-1990s, the study applies a logistic differencein- differences framework, complemented by Firth penalized estimation to address separation and rare-event bias. The empirical results show that retail regulation did not prevent transnational retailer entry but instead redirected entry away from locations adjacent to traditional markets, supporting the spatial reallocation hypothesis. Higher land-price growth and upper-tier commercial districts significantly increased the likelihood of delayed and selective entry, while store closure and land-use conversion became more prevalent in highly regulated areas. A comparative institutional interpretation further reveals that the UK’s Business Improvement District (BID) system internalizes spatial adjustment costs through governance-based coordination and localized management, whereas Korea’s regulation-centered approach tends to externalize commercial restructuring across space. These findings suggest that retail regulation should be understood not merely as a protective instrument, but as a form of urban and real estate governance that actively shapes the spatial transformation of commercial areas. |
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