In general, travel time and travel fares are different by travel means. With the travel time transformed into money terms by time value of travelers, which can be estimated by data of modal choices, the generalized travel cost is defined as the sum of travel fares and the money term travel time. It enables one to compare different travel modes in terms of money. While many efforts have been made to measure the generalized travel costs and the time value, they are all for the purpose of transportation planning for a wide area such as the metropolitan area. As a result, they rarely have measured the time value for travelers other than commuters. In particular, few researches have been done to measure the time value for shoppers who shop around a relatively small area such as the city center retail district. In part, this is because there are no such data as the consumers' shop-around OD (origin-destination) flows that include their modal choices at city center retail district. The purpose of this paper is to measure the time value of shoppers. Based on the actual data obtained from surveys on consumer's shop-around behavior at the city center retail district of Fukuoka City, we have measured the time value of shoppers and analyzed how the time value differs by attributes of shoppers and types of shop-around behaviors. We also provide the application in which the estimated time value of shoppers is utilized to forecast modal choices when the one-dollar circuit bus is introduced at the city center retail district.