Using the average annual retail sales growth rate for the five-year period 2000-05, the City of Brentwood saw its retail market grow by a compound annual rate of 18.5 percent. By comparison, the statewide average for retail growth during this same period was 5.5 percent.
According to Linda Maurer, economic development manager for the City of Brentwood, this retail growth rate was driven by a few key factors, including population growth and the higher household incomes in the Brentwood retail trade area.
"The results of the survey are not surprising to see," said Maurer. "Anyone who has spent time in the Brentwood and East County areas can attest to the tremendous population growth since 2000. And while this growth has been important to attracting retail, Brentwood's growth has been particularly skewed to populations with higher educations and higher household incomes."
According to Claritas, a company that provides up-to-date demographic data analysis, the 2007 average household income in Brentwood is about $97,000, which is higher than the Contra Costa County average of $91,000. And a 2006 East County Workforce Survey shows that more than 37 percent of working Brentwood residents have either attained a bachelor's or graduate degree.
Another major factor for increase in retail sales is the development of the new Highway 4 Bypass. The first segment of the Bypass was completed in 2002, and with its completion came two major retail projects - Sand Creek Crossing, which includes Raley's, TJ Maxx and Ross Stores, and Lone Tree Plaza, which is anchored by Home Depot, Kohl's, Babies R Us and Trader Joe's.
"The Brentwood retail trade area includes a population of 250,000 people," said Maurer. "The area had been underserved by basic retail needs for some time. With the addition of these two key power centers, these basic needs have been met and a new layer of retail will likely come next."
The new retail coming soon includes an approved project called The Streets of Brentwood, a 460,000-square-foot lifestyle center anchored by a new multiplex theater, higher-end clothing retailers and restaurants. The project is scheduled to break ground this summer and open in the fall of 2008.