Coupling weekly grocery transactions with the exact location and opening date of Walmarts over an 11-year period, we examine how Supercenter entry affects prices and revenues at incumbent supermarkets. We find that entry within 1 mile of an incumbent causes a sharp 16 percent drop in revenue, a competitive effect that decays quickly with distance. Surprisingly, despite large cross-sectional differences in supermarket prices by exposure to Walmart, our findings also indicate that Supercenter entry has no causal effect on incumbent prices. This result is robust across many dimensions, including a lack of price response for individual products, and across brands within a category.

中文翻译：

---

进入的竞争效应：来自超级中心扩张的证据

将每周杂货交易与沃尔玛在 11 年期间的确切位置和开业日期相结合，我们研究了 Supercenter 进入如何影响现有超市的价格和收入。我们发现，在现有企业 1 英里范围内进入会导致收入急剧下降 16%，这种竞争效应会随着距离的增加而迅速衰减。令人惊讶的是，尽管超市价格因接触沃尔玛而存在巨大的横截面差异，但我们的研究结果还表明，超级中心的进入对现有价格没有因果关系。这一结果在许多方面都是稳健的，包括对单个产品和类别内的品牌缺乏价格反应。