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<br />District Market Analysis <br /> <br />· Utilizing average sales per square foot from Dollars and Cents of Shopping Centers <br />and adjusted to account for location factors by Maxfield Research, it was determined <br />that the Retail Market Area demand was about 4.7 million square feet in 2006, <br />increasing to about 5.4 million square feet in 2012. <br /> <br />· No one site can capture 100 percent of the demand as the subject site win compete <br />with other areas in the Retail Market Area for new retail stores over this period. We <br />estimate that the study area would be able capture 5 percent to 10 percent of the <br />neighborhood retail demand, or about 30,800 to 61,600 square feet retween 2007 <br />and 2012. <br /> <br />· Using the same methodology as above to calculate demand for specialty retail space <br />in Table 3, it was estimated that the study area would be able capture 5 percent to <br />10 percent of the specialty retail demand, or about 9,300 to 18,500 square feet <br />between 2007 and 2012. <br /> <br />· If Arden Plaza remains in its current state, we feel that the study area would capture <br />demand for neighborhood and specialty retail space at the 5 percent levels shown in <br />Tables 2 and 3. However, if Arden Plaza is repositioned or renovated in the future, <br />demand could reach the 10 percent levels as shown in the illustrated demand tables. <br /> <br />TABLE 3 <br />DEMAND FOR SPECIALTY RETAIL SPACE <br />ARDEN HILLS MARKET AREA <br />2007 to 2012 <br /> <br />Market Area Households <br /> <br />Market Area Employees 1 <br /> <br />(times) Annual Specialty Household Expenditures <br />( equals) Total Market Area Expenditures <br /> <br />(plus) Approx. % leakage Outside the Market Arel <br />(equals) leakage Outside of Market Area <br />(equals) Total Purchasing Power <br /> <br /> 2007 2012 <br /> 31.358 32.191 <br />+ 21.093 22.477 <br />x 5 I 2,658 514.869 <br /> 5663.920,226 5812,863.785 <br /> 400/0 40% <br /> 5265568.091 5325 J45 514 <br /> 5398.352. J 36 5487,718,271 <br /> 5234 5258 <br /> 1,701,705 1,887,058 <br /> 2007 to 2012 <br /> J 85.353- <br /> <br />(divided by) Average sales per Sq. Ft. 3 <br />(equals) Total Retail Space Demand (Sq. Ft.) <br /> <br />Retail Space Demand Growth <br /> <br /> <br />I This Positive Leakage Factor is the estimated percentage of consumer <br /> <br />2We estimate that approximately of 1/3 of Market Area employees make purchases in Market Area. <br />.' From Dollars and Cents of Sho in Center Urban land Institute. <br /> <br />Sources.: Claritas~ <br />J)ollar~ anti r:ent~ of Shoppinr r:enter~. Urban Land Instjtute~ <br /> <br />Maxfield Research Inc. <br /> <br />The New Lake Johanna Boulevard 3-5 <br />