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merchandise taxable sales in the City were $4.644 per capita in 2003, while Dublin sold just $1,882 per capita. In 2003, Dublin exceeded Pleasanton in per capita sales in the eating and drinking, home furnishing. building material, auto, and other retail categories. Leakage Analysis Table B-13 analyzes the current outflow of potential retail sales from Pleasanton's residents to surrounding communities with larger, region-serving retail centers. The leakage analysis indicates the amount of ootential sales dollars "leaking" from Pleasanton due to residents shopping elsewhere. Theoretically, these lost sales could be "recaptured" by adding additional retail space in the City. Per capita taxable sales data by category for the City of Pleasanton is compared to the Tri-Valley region as a whole, which serves as the benchmark for retail potential in the City. As shown on the table, Pleasanton is faring very well in terms of capturing retail dollars: the City has a 27 percent overall injection of retail taxable sales dollars, reflecting the attraction of dollars into the community via its regional shopping center. In other words, Pleasanton is capturing significantly more retail dollars per capita than the Tri-Valley as a whole. Categories where the City is "leaking" dollars are Food Stores (with a leakage of 11 percent), Building Materials and Farm Implements (leaking 26 percent), and Service Stations (22 percent). Shopping Centers As shown on Table B-14, Pleasanton's retail supply is primarily concentrated in five community shopping centers, one super regional mall, and a variety of smaller neighborhood and community centers. The larger centers typically have a grocery, hardware, or home goods store anchor, with restaurants, specialty goods stores, and personal service establishments as complementary tenants. Based on interviews with shopping center managers, Pleasanton centers experience strong monthly lease rates of approximately $2.00 per square foot on a triple net (NNN) basis. Occupancy rates are high, with most centers reporting occupancy of over 95 percent. These findings point to the underlying strength in the retail marketplace. Aside from Stoneridge, other centers in Pleasanton range from 11,000 to 90,000 square feet, with lease rates of $1.75 gross to $2.00 triple net, and occupancy rates from 88 percent to 97 percent. Stoneridge Shopping Center The Stoneridge Shopping Center is a 1.3 million square foot super regional enclosed mall, including five department stores serving as anchor tenants, and over 165 specialty stores and services. The Mills Corporation, a national real estate investment trust. purchased the mall in 2004 and currently acts as owner and manager of the center. Mills reports a near full occupancy rate of 98 percent with lease rates for its available small spaces (roughly 1,000 square feet) of approximately $5.00 per square foot per month, on a triple net basis. Due to the success of the center, Mills is considering an expansion of the mall. although plans are not yet final. Based on a development agreement. the center is already approved for P1easanton Economic Development Background Report RNAL - January 2006 37