Recent Wal-Mart openings have been accompanied by public
demonstrations against the company, asserting that it is deleterious to
residential property values. This study empirically evaluates that claim,
analyzing the spatial correlation between Wal-Mart locations and
residential property values, comparing Wal-Mart with other big-box
retailers while controlling for other aspects of a home’s value. Market
value may represent a trade-off between price and patience, so we
perform a similar analysis using a property’s days on the market. 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.
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