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The aim of this research is to answer whether or not wholesale interest rates, such as the London Interbank Offered Rate (LIBOR), can be used as an effective policy instrument to influence construction output. Developers and contractors borrow to finance construction and are charged retail interest rates, determined by the lending bank. The study investigated the relationship between LIBOR and construction industry output.

The study identified two time series, LIBOR and annual construction output and a number of regressions were run using the first differences to observe whether a change in LIBOR alone had a significant influence on construction output lagged by one to four years.

No significant relationship was found between changes in LIBOR and the annual change in construction output, regardless of the number of years lagged.

The policy implication of this research shows that control of demand for construction by government using wholesale interest rates is unlikely to succeed. Banks' lending to developers depends on other factors, such as retail interest rates, risk management and expectations.

The value of this research is that it supports the view that government policy needs to focus on stimulating construction demand, using real projects rather than monetary policies, such as interest rate manipulation.

This issue of Retail Insights focuses on the subject of branding. There are a number of retail reports that offer valuable insights into current trends in branding. Professor Leslie de Chernatony analyses UK consumers’ attitudes towards brand extensions in a survey commissioned by Ventura. The Brand Finance Report for 1999 provides interesting reading on brand values and the overall performance of companies last year. In addition, there are a collection of shorter reports on various new branding issues and abstracts of articles on the topic.

This paper aims to describe the uncovering of a corporate brand's core values and implications for strategic management of its track record.

The paper examines the specific track records of Volvo, IKEA, IBM, and Scanpump, focusing on core values and how they evolve. Based on multiple sources of evidence, the track records of the case companies emerge as patterns of values that are: perceived externally by customers and non‐customer stakeholders; and rooted internally within an organisation.

Four categories of core values emerge, termed true, aspirational, potential, and hollow.

The Core Value Grid is proposed as a managerially useful model on “how to build true values and avoid hollow values”. In principle, a corporate brand cannot be stronger externally than it is internally. Rooted core values with track records supporting a brand promise represent the essence of a corporate brand, guiding internal and external corporate brand building and management. The foundation of a corporate brand risks being undermined by hollow core values and empty promises.

The principal purposes of this paper are to provide normative advice in terms of managing the British Monarchy as a Corporate Heritage Brand and to reveal the efficacy of examining a brand's history for corporate heritage brands generally.

Taking a case history approach, the paper examines critical events in the Crown's history. It is also informed by the diverse literatures on the British Monarchy and also marshals the identity literatures and the nascent literature relating to corporate brands. Six critical incidents that have shaped the monarchy over the last millennium provide the principal data source.

In scrutinising key events from the institution's historiography it was found that the management and maintenance of the Crown as a corporate brand entail concern with issues relating to: continuity (maintaining heritage and symbolism); visibility (having a meaningful and prominent public profile); strategy (anticipating and enacting change); sensitivity (rapid response to crises); respectability (retaining public favour); and empathy (acknowledging that brand ownership resides with the public). Taking an integrationist perspective, the efficacy of adopting a corporate marketing approach/philosophy is also highlighted.

A framework for managing Corporate Heritage is outlined and is called “Chronicling the Corporate Brand”. In addition to Bagehot's dictum that the British Monarch had a constitutional obligation to encourage, advise and warn the government of the day, the author concludes that the Sovereign has a critical societal role and must be dutiful, devoted and dedicated to Her (His) subjects.

This is one of the first papers to examine the British Monarchy through a corporate branding lens. It confirms that the Crown is analogous to a corporate brand and, therefore, ought to be managed as such.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.