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A Comparative Study on the Effects of Location Factors on Sales by Restaurant Type

  • Korea Real Estate Review
  • 2018, 28(4), pp.37-51
  • DOI : 10.35136/krer.28.4.3
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Published : December 31, 2018

노은빈 1 Lee, Sang Kyeong 2

1딜로이트 안진회계법인
2가천대학교

Accredited

ABSTRACT

The purpose of this paper is to analyze the effects of location factors on sales by restaurant type in the six districts of Seoul (Jongno-gu, Jung-gu, Yeongdeungpo-gu, Gangnam-gu, Seocho-gu, and Songpa-gu). Ordinary least squares (OLS) regression model is selected for four restaurant types whose spatial autocorrelation is not identified, spatial lag model (SLM) is only selected for seafood restaurant, and spatial error model (SEM) is selected for nine other restaurant types. The floating population and the workers of surrounding businesses have generally positive effects on the sales of restaurants. The floating population elasticity of the sales of restaurants are found to be in the descending order of Oriental food, pub, Western food, and traditional food restaurant, and the elasticity of the workers of surrounding businesses are in the descending order of bakery, Oriental food, and Western food restaurant. The spatial multiplier effects are in the descending order of Oriental food, pub, and Western food restaurant. There is a statistically significant sales gap between roast meat, pub, and bakery in Gangnam-gu and those in five other districts. The results of this research can help in starting a restaurant in that they can provide information on the suitability of location by restaurant type.

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