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Retail Mixed Use Market Study Update 1 January 6, 2010 DEMOGRAPHIC AND PSYCHOGRAPHIC PROFILE When selecting a new location, retailers typically look for areas with strong household growth, as well as considering the income, age range and education of residents in the surrounding area, with the goal of locating near consumers that fit their general customer profile. This section, therefore, provides a demographic and psychographic overview of residents in the Primary Trade Area around Hacienda. Demographic data illustrate quantifiable metrics about a population, such as age or income, while psychographic data provide a more nuanced look at the lifestyles and buying patterns of local market segments. Demographic Profile In this section, the demographic characteristics' of residential households in the Primary Trade Area (including Hacienda) are compared to those in Pleasanton and Alameda County. The City of Pleasanton represents the much broader market area that surrounds Hacienda and Alameda County, and is shown for contextual purposes to highlight the ways in which the Pleasanton and Hacienda market areas are unique. Table 1 below depicts major populations and household characteristics. Key Findings On average, residents of the Primary Trade Area are more affluent than those in the County as a whole. In 2009, the average household income in the Primary Trade Area was 26 percent higher than that of Alameda County ($116,283 in the Primary Trade Area compared to $92,120 in the County'). In addition, incomes in Hacienda" have been increasing at a faster rate than those in the City and County (4 percent from 2000 to 2009, compared to 2 percent in Pleasanton and 1 percent in Alameda County'). The population in the Primary Trade Area is increasing at a significantly higher rate than that of Pleasanton or Alameda County. From :2000 and 2009, the Primary Trade Area experienced a 19 percent increase in population, compared to 7 percent in the City of Pleasanton and 4 percent in Alameda County . This is likely a result of new residential units constructed in Dublin during the recent housing boom. This section of Dublin was annexed to the City in 1993, and therefore had significant vacant or underutilized land available for development. With 918 additional units planned or proposed for development in this portion of Dublin, growth is likely to continue in the next real estate cycle. Families occupy the majority of Primary Trade Area households. In the Primary Trade Area, 70 percent of households are occupied by families. This is slightly lower than the average in Pleasanton (75 percent), but higher than that of Alameda County (65 percent).' 2The 2009 demographic data used in this report is from Claritas, Inc. Although the U.S. Census is considered to be the most reliable source of demographic data, the most recent census was in 2000 and is therefore out of date. Claritas Inc uses a proprietary method to model more recent demographic data from 2000 Census data. The 2009 demographic data used in this report is from Claritas, and is an estimate that may be subject to errors in the modeling of the data. 3 Source: Claritas Inc. Census Demographic Overview Comparison Report 4 Historic incomes were not available for the Primary Trade Area. Therefore this comparison employs incomes in Hacienda as a proxy for the trade area. 5 Source: Claritas Inc. Census Demographic Overview Comparison Report 6 Ibid. 7 Ibid. -9-