Abstract

The purpose of this study is to analyze the determinants of shopping mall rent before and after the outbreak of COVID-19 at a time when the sales of shopping mall tenants are significantly decreasing due to the COVID-19 pandemic. This study was based on a market survey of 7,500 single-story shopping malls in 25 autonomous districts every year, and was reconstructed based on 1,184 data that responded to rent, management costs, monthly average sales, rights, exclusive area, operating period, and gender in the 2019 and 2021 surveys. According to the analysis results, it was found that the factor that has the greatest influence on the determination of ordinary rent in shopping malls before and after COVID-19 is the premium in common. In addition, before COVID-19, the determinants of ordinary rent were in the order of premium, monthly average sales, public management fee, exclusive area, age, and subway station distance, but after COVID-19, they changed in the order of premium, public management fee, exclusive area, age, monthly average sales, and subway station distance. Compared to 2019, before the COVID-19 pandemic, the average monthly sales in 2021 during the COVID-19 pandemic decreased by 40%, but ordinary rent increased by 1%, indicating that the average monthly sales of stores affected the determinants of ordinary rent.

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