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21Deutsche EuroShopANNUAL REPORT 2014 CENTER Optimised rent calcu- lation This mix of tenants and sectors is tailored exactly to each loca- tion and is constantly refined. It is the result of a careful analysis of each local retail market. Center management is also about identifying the wishes and needs of customers. We are happy to create space in our centers for retailers from sectors that, due to current rental costs in prime loca- tions, are rarely to be found in city centres any more, such as toy and porcelain shops. There is one key area in which we set ourselves apart from the majority of building owners in the pedestrian zone: as long-term investors, it is our goal to achieve permanent optimisation rather than short-term maximisation of rents. We want to offer our cus- tomers and visitors an attractive mix. Rather than focus on each shop space in isolation, we look at the property as a whole. The rent in each case is calculated primarily on the basis of the sales potential of the sector to which the tenant belongs as well as of its location within the shopping center. This also enables us to give new busi- nesses and niche concepts an op- portunity. All sides benefit from this sys- tem: as the landlord, we are able to build a relationship of trust with our tenants for the long term; our tenants benefit from high visitor numbers achieved due to the var- ied mix; and our customers ap- preciate the very wide choice of shops. These range from differ- ent fashion concepts to accesso- ries and health and beauty retail- ers, right through to professional services such as bank and post of- fice branches. Visitors are also indulged with various food and drink options: cafés, fast-food restaurants and ice-cream par- lours offer refreshment and nour- ishment while shopping and give the centers the typical character of a meeting place. C One of the core tasks of center management is putting together the right combination of shops to suit the prop- erty and the local area. Our top 10 tenants With a share of 5.6%, the Metro Group is our biggest tenant. It is one of the most important international retailers and is represented in a large number of our centers by its retail brands Media Markt and Saturn (consumer electronics), Real-SB-Warenhaus and Galeria Kaufhof Warenhaus. Behind this in second place is the Douglas Group, one of Europe’s leading retailers, which, with its divisions Douglas perfumeries, Thalia bookshops and Appel- rathCüpper fashion stores, is a tenant of our centers and has a share of 3.8% in our overall rental volume. Our rental contract portfolio is highly diversified: our top 10 tenants are responsible for less than one quarter of our rental income, which shows that there is no dependency on individual tenants. C THE TEN LARGEST TENANTS share of rental income in % Douglas Group 3.8 H&M 3.2 Metro Group 5.6 1.9 Deichmann 1.6 REWE 1.3 Inditex 1.2 Esprit 1.5 C&A 2.1 Peek&Cloppenburg 2.4 New Yorker as at: 31 December 2014