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Retail Mixed Use Market Study Update 1 January 6, 2010 III. RETAIL SUPPLY This section describes existing and planned local - serving retail in Pleasanton and Dublin that serves households residing in the Hacienda Primary Trade Area (PTA). This provides a better understanding of the surrounding competitive environment for potential new local- serving retail in Hacienda.' It also identifies what types of new retail space the local market is currently producing, with special attention to mixed use projects, to better inform what is developable at Hacienda. First, existing neighborhood and community retail centers serving the Hacienda PTA are inventoried. Second, planned and proposed retail in Pleasanton and Dublin that are likely to serve the PTA are also inventoried. The final parts of this sections focus specifically on the current supply of grocery stores and drug stores in the Hacienda Primary Trade Area, to provide the competitive context for evaluating these store types as potential anchors for new mixed use retail development in Hacienda. EXISTING SUPPLY OF LOCAL - SERVING RETAIL CENTERS This section describes existing local - serving retail centers in Pleasanton and Dublin that serve the Primary Trade Area for retail in Hacienda (see Map A, pg 8). An overview of the competitive retail environment serves multiple purposes: first, the overview provides an understanding of the strengths and weaknesses of different market products that currently exist, and second, it identifies possible areas of unmet demand. Unmet demand can be defined as the lack of supply of a particular store or center type within a trade area based on trade area demographics. The description of supply is divided into neighborhood and community - serving centers. Existing centers in Pleasanton and Dublin are shown in Map B, page 29, and detailed in Tables 10 through 13, on pages 31, 34, 36 and 38. The study focuses on local- serving retail, including neighborhood and community retail centers, in keeping with the existing policy consensus that retail included in mixed use development in Hacienda will serve local residents and workers, rather Than having a regional orientation. While not discussed in this report, there are two major regional retail areas in Pleasanton: the Downtown and the Stoneridge Mall. Historic Downtown Pleasanton contains roughly 350,000 square feet of retail space with an eclectic mix of independert and chain retailers and restaurants. Shoppers from the greater Tri- Valley area, Castro Valley and Dublin visit downtown for its farmer's market and specialty shops. Rents are in the $2.00 to $4.00 per square foot range, and there are tenant waiting lists for the premium space. The Stoneridge Mall, with 1.25 million square feet, is the only regional mall in the Tri - Valley region and attracts shoppers from as far the inner Bay Area and Central Valley. Mall anchors are Macy's, Nordstrom and JC Penney department stores. Including mall charges, rents for shop space in Stoneridge Mall are roughly $6.15 on average, by far the highest rents in Pleasanton. 2 The surveyed area is larger than the Primary Trade Area because households in the PTA, particularly those located towards the edges, may find centers that are further out more convenient than centers within Hacienda's PTA. The surveyed area encompasses all neighborhood and community retail centers that could draw customers from the PTA, potentially competing with retail in Hacienda. 28