摘要
Since the COVID-19 pandemic began in late 2019,economic uncertainty and supply chain disruptions have significantly affected China’s real economy.This has reduced consumer reliance on physical stores,increasing market and operational risks for brick-and-mortar retailers.This study analyzes the impact of the pandemic on shopping center performance using operational data from 7,010 stores in China alongside COVID-19-related data.The analysis focuses on two indicators:Rent levels and lease termination rates,considering both rental and tenant perspectives.Findings reveal that COVID-19 negatively impacts retail rents and lease termination rates,with regions experiencing severe outbreaks facing greater declines.During lockdowns,the negative effects on rents and termination rates were more pronounced than during the broader pandemic period.Additionally,stores with sales-based rent experience a greater adverse impact compared to those without.The study concludes that the pandemic significantly reduces store rent while the likelihood of early lease terminations remains relatively low.These empirical results offer valuable insights for shopping center operational management and crisis response strategies.
基金
Supported by the National Natural Science Foundation of China(72172145,71932002,61973329)
Open Projects of the Institute of Systems Science,Beijing Wuzi University(BWUISS46)。
