| Author: | Lam, Yu Cheong |
| Title: | An empirical study on the critical factors that determine the value of Hong Kong's street shops |
| Degree: | M.Sc. |
| Year: | 2012 |
| Subject: | Real property -- China -- Hong Kong. Retail stores -- China -- Hong Kong. Hong Kong Polytechnic University -- Dissertations |
| Department: | Department of Building and Real Estate |
| Pages: | 94 leaves : ill. ; 30 cm. |
| Language: | English |
| Abstract: | The significant contribution of the retail sector to the Hong Kong's economy has aroused growing concern and research interest in the retail property market over the past few years. However, previous retailing studies mainly focused on either customer satisfaction or shopping malls. Limited research has been devoted to the investigation of the critical factors which affect the investment value of street premises. This dissertation study aims to fill in the research gap by identifying the critical factors that determine the value of street shops in Hong Kong. Their levels of importance were evaluated by interviewing the senior representatives from the major interested stakeholders involved in the retail property market. This study empirically investigated the relationship between the critical factors and sales performances of retail shops. By collecting the sales data over 14 calendar days from 3 experimental stores selling the Chinese red packets in Tsim Sha Tsui, Tsuen Wan and North Point respectively, the results of independent-sample T-tests showed that three primary critical factors, namely "shop location", "pedestrian flow" and "consumer group" are more important than the others in the determination of a shop's value. Another purpose of this study is to evaluate the impacts of the newly proposed pedestrian subway system on the value of retail shops in Causeway Bay. All the interviewees revealed that Russell Street and Lee Garden Road would be the most beneficial from the proposed subway system. The effect of catchment areas would facilitate these two streets to drive the pedestrian flow from the rest of Causeway Bay. Possible investment strategies such as (i) active acquisition of the adjacent shops at the beneficiary streets; (ii) active acquisition of the upper floor premises; and (iii) erection of a billboard would be adopted by the stakeholders to capture the potential gain. On the contrary, the interviewees perceived that some streets, Kingston Street, Paterson Street and Great George Street in particular, would be adversely affected by the proposed subway system due to the possible diversion and dispersion of pedestrian flow. Kai Chiu Road and Yun Ping Road would also be suffered as the decline in the traditional role of connecting SOGO Department Store and Times Square. In response to the negative impacts, no stakeholders wish to seek active disposal for the existing stocks but they would take a passive "wait and see" attitude. All the interviewees were generally optimistic about the future retailing business development in Causeway Bay. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b25545863.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 5.38 MB | Adobe PDF | View/Open |
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