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Retail Mixed Use Market Study Update 1 January 6, 2010 DEMAND FROM TRANSIT USERS Retail space around the Dublin/Pleasanton BART is likely to enjoy additional support from the more than 7,000 commuters' who pass through the station each day. This figure has been growing steadily in recent years, with station exits increasing at an annualized rate of 4 percent since 2002. The majority of these commuters begin their trip at Hacienda. Although Hacienda is a major employment destination, the station's status as the last on the line draws residential commuters from neighborhoods not served by BART. The Dublin/Pleasanton Park and Ride contains 4,088 spaces, and is typically full by 6:45am each day. This suggests that, despite the concentration of employment near the station, the Dublin/Pleasanton BART primarily serves the local residential population. In addition, the income of commuters entering BART at Dublin/Pleasanton fits the profile of surrounding residential neighborhoods — 59 percent of commuters report earning over $100,000 each year.` At the time of this study, data on commuter spending patterns in the Bay Area was not available. Therefore, a buying power analysis could not be conducted to ascertain the potential retail demand generated by BART commuters. However, past research has found that a minimum daily traffic flow of 1,100 is necessary to support one retail store around commuter rail. This finding suggests that BART traffic would generate additional support for at least one retail store around the Dublin /Pleasanton station. ' Sources: 2008 BART Station Profile Study, BART Marketing and Research Department, Corey, Canapary & Galanis Research; BART Fiscal Year Average Weekday Exits by Station; http://www.bart.gov/about/reports/index.aspx 2 Source: BART Fiscal Year Average Weekday Exits by Station; http://www.bart.gov/about/reports/index.aspx ' 73 percent of riders entering the Dublin /Pleasanton station report that they are coming From home. Source: 2008 BART Station Profile Study, BART Marketing and Research Department, Corey, Canapary & Galanis Research ° Source: "Dublin /Pleasanton Station." BART. 2009. San Francisco Bay Area Rapid Transit District, Web. 15 Nov 2009. <http: / /www.bart.gov /stations /dubl /index.aspx>. 5 Source: 2008 BART Station Profile Study, BART Marketing and Research Department, Corey, Canapary & Galanis Research 'Source: M. Yeates and K. Jones, Rapid Transit and Commuter Rail Induced Retail Development, Center for the Study of Commercial Activity, Ryerson Polytechnic University: June 1998. 27