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Planning Policy and Retail Property Markets: Measuring the Dimensions of Planning Intervention

Cass Business School, City University, 106 Bunhill Row, London, EC1Y 8TZ, UK, c.c.jackson{at}city.ac.uk

Craig Watkins

Department of Town and Regional Planning, University of Sheffield, Geography and Planning Building, Winter Street, Sheffield, S10 2TN, UK, c.a.watkins{at}sheffield.ac.uk

There is considerable case-study-based evidence that changes in the public policy environment have profoundly altered the structure and operation of retail property markets in England. Despite this, however, few studies of property market performance consider the influence of retail planning policies. This paper seeks to fill the gap. The empirical part of the paper uses data derived from a survey of local planning authorities to construct a range of measures of planning policy stance. The indicators demonstrate that the role of policy is complex and multidimensional. The paper then explores the relationship between planning policies and measures of property market performance. The results show that, while proactive policies do not guarantee a vibrant market, they can play an important part in stimulating occupier and investor demand, even where there are poor economic fundamentals.

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