The opponents of big-box entry argue that large retail establishments generate a variety of negative externalities. The advocates, on the contrary, argue that access to a large retail market not only delivers direct economic benefits, but also a variety of positive spill-over effects, and therefore, can be considered a consumer amenity that increases the attractiveness of the entry location. To test the validity of these competing arguments, we use the entry of IKEA in Sweden as a quasi-experiment and investigate if increased access to retail is associated with place attractiveness, where attractiveness is proxied by residential property values. We find that entry by IKEA increases prices of the properties sold in the entry cities by, on average, 4.2% or 62,980 SEK (approximately 6,600 USD), but such an effect is statistically insignificant for the properties in the immediate vicinity of the new IKEA retail trade area. We also observe an attenuation of the effect with distance from the new IKEA store, where the properties located 10 km away experience a 2% price increase. Our results indicate that large retailers have the potential to increase place attractiveness, but perhaps not in the immediate vicinity of the new establishment.

中文翻译：

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零售和地方吸引力：大盒子进入对房地产价值的影响

大型零售店的反对者认为，大型零售店会产生各种负外部性。相反，倡导者认为，进入大型零售市场不仅可以带来直接的经济利益，还可以带来各种积极的溢出效应，因此，可以将其视为增加进入地点吸引力的消费便利设施。 . 为了测试这些相互矛盾的论点的有效性，我们使用瑞典宜家的进入作为准实验，并调查零售渠道的增加是否与地方吸引力有关，其中吸引力由住宅物业价值代表。我们发现宜家的进入使进入城市出售的房产价格平均上涨 4.2% 或 62,980 瑞典克朗（约 6,600 美元），但对于新宜家零售贸易区附近的物业而言，这种影响在统计上是微不足道的。我们还观察到效果随着距离新宜家商场的距离而衰减，位于 10 公里外的物业价格上涨 2%。我们的结果表明，大型零售商有可能增加地方的吸引力，但可能不会在新店附近。