Abstract

http://ssrn.com/abstract=1492195
 


 



The NWIMBY Effect (No Walmart in My Backyard):
Big Box Stores and Residential Property Values


Daniel K. N. Johnson


Colorado College - Department of Economics and Business

Kristina M. Lybecker


Colorado College - Department of Economics & Business

Nicole Gurley


Colorado College - Department of Economics and Business

Alex Stiller-Shulman


Colorado College - Department of Economics and Business

Stephen Fischer


Colorado College, Department of Economics & Business

October 21, 2009


Abstract:     
Recent Wal-Mart openings have been accompanied by public demonstrations against the company’s presence in the community, asserting (among other things) that their presence is deleterious to residential property values. This study empirically evaluates that claim, analyzing the spatial correlation between Wal-Mart locations and residential property values, while comparing Wal-Mart with other big-box retailers for a frame of reference and controlling for other important aspects of a home’s market value. We recognize that market value may represent a trade-off between price and patience, so perform a similar analysis using a property’s days on the market to evaluate any big-box effect. Finally, we interpret the resulting effects in two ways, from both the resident’s and retailer’s point of view, casting new light on the NWIMBY effect.

Number of Pages in PDF File: 22

Keywords: Walmart, housing, property value, hedonic, days on market, home value, site selection, hedonic estimation, real estate, retail store, Kmart, Target, Best Buy, appraisal, spatial model

JEL Classification: N9, R1

working papers series





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Date posted: October 22, 2009  

Suggested Citation

Johnson, Daniel K. N. and Lybecker, Kristina M. and Gurley, Nicole and Stiller-Shulman, Alex and Fischer, Stephen, The NWIMBY Effect (No Walmart in My Backyard): Big Box Stores and Residential Property Values (October 21, 2009). Available at SSRN: http://ssrn.com/abstract=1492195 or http://dx.doi.org/10.2139/ssrn.1492195

Contact Information

Daniel Kent Neil Johnson (Contact Author)
Colorado College - Department of Economics and Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
719-389-6654 (Phone)
719-389-6927 (Fax)
HOME PAGE: http://faculty1.coloradocollege.edu/~djohnson
Kristina M. Lybecker
Colorado College - Department of Economics & Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
719-389-6445 (Phone)
719-389-6927 (Fax)
Nicole Gurley
Colorado College - Department of Economics and Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
Alex Stiller-Shulman
Colorado College - Department of Economics and Business ( email )
14 E Cache La Poudre Street
Colorado Springs, CO 80903
United States
Stephen Fischer
Colorado College, Department of Economics & Business ( email )
14 E Cache La Poudre Street
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