대형 상업시설 폐점이 주택가격에 미치는 영향 : 롯데백화점 마산점 사례를 중심으로 = Impact of the Closure of a Major Retail Facility on Housing Prices : Evidence from the Shutdown of the Lotte Department Store Masan Branch

다국어 초록 (Multilingual Abstract)

This study examines the effect of the closure of a large retail facility on the transaction prices of nearby apartments . It uses the 2024 closure of the Masan branch of Lotte Department Store as a quasi-natural experiment to analyze this effect. Based on apartment transaction data from Masanhappo-gu and Masanhoewon-gu in Changwon Special City (January 2021–December 2025), the study uses a two-way fixed effects model that combines a hedonic price framework with a difference-in-differences approach. The April 2024 closure announcement and the actual July 2024 shutdown are treated as separate events, and the identification strategy is examined through event-study evidence, placebo tests, and Wild Cluster Bootstrap-t inference.
The estimated post-closure average treatment effect is approximately 2.2%; however, it does not reach statistical significance. The post-period joint F-test in the event-study specification is also insignificant, indicating no clear evidence of an average post-closure price adjustment in the full sample. Supplementary distance-band and submarket analyses show relatively large negative announcement-period coefficients in the 500–1,000-m band and selected submarkets. However, these patterns warrant caution because they may partly reflect sample composition, peripheral locations, older housing characteristics, and longer-term structural decline in Masan area. This study complements the literature by providing a conservative empirical assessment of how a department store closure may affect housing values in a declining regional city and by highlighting the need to consider spatial and temporal heterogeneity.