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Introduction
Shopping centres have generated the best return of all the main real estate sectors in most European countries over the last few years. The sector benefits from low-structural vacancy rates; default risks are offset by the high number of tenants in any given centre; and very stable returns with consistent rental growth have usually been generated. This issue is consistent with the sales behavior of Sonae Sierra's shopping centres from 2005 to 2007. According to company sales, the growth rate for that period was around 6 per cent. Nowadays, the global recession is most likely having a significantly negative impact on shopping centre performance. However, we do not have available information for the last few years.
Anchor stores are an important factor in determining the effectiveness of a shopping centre. There are many definitions for anchor stores. [35] Konishi and Sandfort (2003) state that:
[...] an anchor store is a store that increases, through its name's reputation, the traffic of shoppers at or near its location. Consumers, attracted by the anchor's name, are likely to visit the location ("the mall"), and thus nearby stores' sales and profits are increased by the presence of the anchor. Planned shopping malls have one or more department stores and multiple specialized retail stores in each commodity category.
In our interpretation, an anchor store is a unit integrated within a shopping centre with a mixed variety of stores, whose purpose is to significantly increase the mall's appeal. It contains all or most of the following features: it is large (usually more than 600 m2 GLA), multiple (national or international chain - a minimum of three stores), has a strong brand (high awareness and positive response levels), contributes significant traffic (specifically generates footfall), has widespread appeal (meaning it would trade successfully as a stand-alone unit) and, as an ex post test, usually enjoys a privileged position with regard to rent and service charges.
Shopping centres have revolutionized the spatial organization of retail trade all over the world ([19] Etgar and Rachman-Moore, 2007). Since time immemorial, when merchants first started selling goods in bazaars, it has been obvious that the clustering of consumer service activities in certain locations generates advantages and economic benefits ([10] Carter and Haloupek, 2002). It also...