priced out

[keannu]

Who is setting higher price, the shopkeepers or the luxurious retail chains? What is the exact meaning of "price out"?

ex)With Koreatown being developed over the past several years, longtime shopkeepers say they are being priced out by luxurious retail chains....

[keannu]

Does "out" mean "to the outside like expelling" or "bigger than something"?

[SoothingDave]

The free market sets the prices.The real estate traditionally occupied by the shopkeepers is now more valuable as luxurious chains are offering more money (to buy or rent from the present landlord) to locate their stores in the same location.

The market value of the location has gone up. The price for the traditional shopkeeper has gone up more than they can afford to pay. They have been priced out.