SummaryReinforced concrete (R/C) frame buildings designed according to older seismic codes represent a large part of the existing building stock worldwide. Their structural elements are often vulnerable to shear or flexure‐shear failure, which can eventually lead to loss of axial load resistance of vertical elements and initiate vertical progressive collapse of a building. In this study, a hysteretic model capturing the local shear response of shear‐deficient R/C elements is described in detail, with emphasis on post‐peak behaviour; it differs from existing models in that it considers the localisation of shear strains after the onset of shear failure in a critical length defined by the diagonal failure planes. Additionally, an effort is made to improve the state of the art in post‐peak shear response modelling, by compiling the largest database of experimental results for shear and flexure‐shear critical R/C columns cycled well beyond the onset of shear failure and/or up to the onset of axial failure, and developing empirical relationships for the key parameters defining the local backbone post‐peak shear response of such elements. The implementation of the derived local hysteretic shear model in a computationally efficient beam‐column finite element model with distributed shear flexibility, which accounts for all deformation types, will be presented in a companion paper.