台灣大型零售不動產承租組合之核心業種分析

The Core Retail Categories of Tenant-mix in Large-Scale Retail Properties in Taiwan

如何有效的使用具有稀少性的樓地板空間資源，以求取零售商之間聚集經濟的極大化模 式，是多承租單位的大型零售不動產營運管理的核心議題之一。而零售聚集的優勢多樣性原 則，依循著空間經濟學中的核心與周邊理論為基礎，傾向將較多的樓地板面積分派予具有規模 報酬遞增的核心業種；但同時為兼具廣度多樣性，仍需包含愈多具有固定規模報酬的周邊業 種。由此原則，觀察各大型零售不動產掌握市場核心業種的情形，能夠瞭解美式購物中心進入 台灣市場近十年的發展下，與百貨公司之間在零售空間市場主導性的競爭態勢。透過全台灣45 個個案所建立的承租組合資料庫之分析，本研究萃取出台灣多承租單位的大型零售不動產市場 的核心與周邊代表性業種類型；且由市場核心因素計算出的各大型零售不動產之因素得點，進 行之鑑別分析與變異數分析，其結果顯示，雖經過約十數年快速的發展，但台灣大型零售不動 產市場仍舊由大型百貨公司所主導，並未如國外購物中心朝向兩者整合發展的態勢。而許多購 物中心在無力搶攻市場後，反而朝向次級市場區隔，進行其產品定位的調整。

One of the main operating concerns for large-scale multi-unit retail properties is effectively utilizing leasable floorspace, so as to maximize retail agglomeration economies. This agglomeration of various tenants in retail properties should be based on the core and periphery theory regarding spatial economies. Vendors generating increasing returns tended to be allotted more space, while retail and service providers generating constant returns were allotted smaller floor area. The core and periphery theory can be used to dominance of the retail space market in Taiwan over the last decade, during which period large-scale American-style shopping centres entered the market to compete with existing department store chains. Based on a database of 45 large-scale retail centres, the results reveal the representative core and peripheral retail categories of the market in Taiwan. Moreover, the results reveal that department stores continue to dominate the mainstream multi-unit retail space market in Taiwan. Large-scale shopping centres were not able to cooperate with department stores becoming anchors like western regional shopping centres. Unable to capture the mainstream market, shopping centres thus began to adjust their leasing strategies and reposition to less significant sub-market segmentations.