Abstract/Summary

The article examines the links between the rapid expansion of multiple retailing in Britain during the inter-war period and the growth of an investment market in High Street shops. The funding opportunities offered by the commercial property market, together with the associated development of market intermediaries, were important factors behind the rapid growth of large-scale retailing during the inter-war years. Property-based finance allowed multiple retailers to achieve very high rates of growth, as a result of multiplier effects which were inherent in such finance. These effects are demonstrated using case studies of the inter-war expansion of Montague Burton Ltd and Marks & Spencer, and a model of corporate growth.