论文标题
美国零售集中的发展
The Evolution of U.S. Retail Concentration
论文作者
论文摘要
全国集中度的增加一直是美国行业动态的重要特征，并引起了人们对增加市场能力的担忧。然而，当地趋势可能对市场能力更有用，尤其是在消费者传统上在附近商店购物的零售业。我们发现，在1992年至2012年之间，使用有关美国所有零售商店产品水平收入的新型人口普查数据，本地集中度与全国集中的同时增加了。集中度的增加是基于广泛的，影响了大多数市场，产品和零售行业。我们表明，将多市场公司扩展到新市场，这解释了全国零售集中度的大部分增长，通过在1997年至2007年之间，当地市场份额的提高巩固，并且在1997年至2007年之间的重要性提高，而单人市场公司发挥了可忽略的作用。最后，我们发现局部浓度的增加可以解释零售毛利边缘观察到的三分之一的四分之一。
Increases in national concentration have been a salient feature of industry dynamics in the U.S. and have contributed to concerns about increasing market power. Yet, local trends may be more informative about market power, particularly in the retail sector where consumers have traditionally shopped at nearby stores. We find that local concentration has increased almost in parallel with national concentration using novel Census data on product-level revenue for all U.S. retail stores between 1992 and 2012. The increases in concentration are broad based, affecting most markets, products, and retail industries. We show that the expansion of multi-market firms into new markets explains most of the increase in national retail concentration, with consolidation via increases in local market shares increasing in importance between 1997 and 2007, and single-market firms playing a negligible role. Finally, we find that increases in local concentration can explain one-quarter to one-third of the observed rise in retail gross margins.
