Abstract
Executive Summary. This study examines the impact of e-commerce and the effect of technology on traditional retail sales, commercial property values and percentage rents. This study analyzes standard retail leases and seeks evidence of retailers shifting on-site sales to off-site e-commerce and catalog operations. The results indicate that of those surveyed, most shopping center owners, managers and leases contain no provisions for these sales, which have value implications to owners. In addition, this study presents both theoretical concepts and empirical results that suggest commercial leases need to be altered to account for online and catalog sales. Alternative uses for vacant bank buildings and retail spaces are suggested as well as specific recommendations to owners / tenants to reduce the threat of e-commerce to retail centers.
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