Externalities, Sales, and Rents in Shopping Malls

This thesis looks into the externalities generated by the tenant mix of shopping malls, and how these externalities impact rents and sales of individual tenants in shopping malls. An empirical study on 11 Turkish shopping malls is conducted to examine the tenant mix. The contribution of this thesis is twofold. First, this thesis is the first empirical study into shopping center rents in which Turkish data is used, where most of the research so far has been conducted in North America (predominantly the US). A second contribution is that this thesis does not only focus on the externalities generated by anchor tenants, but also the externalities generated by clusters of homogeneous retailers.