Click & Collect is a sales channel by which the customer orders a particular product online and then picks it up mostly free-of-charge in the retailer's own store. The process is used across a number of segments. 


This describes a risk-averse investment strategy. Investment is principally in high-specification properties which are let long-term and generate stable rental income. Core investments focus on established stores in good locations with highly creditworthy tenants.


When multi-channel retailing involves the integration of a number of sales channels, this is known as cross-channel retail. Click & Collect is one example of cross-channel retailing.


Retail format characterised by a high turnover of goods in a limited mass-market product assortment and an aggressive pricing model. They tend to be self-service and have basic store fit-outs and sales areas of between around 400 sq m and 1,200 sq m. In the case of food discounters, the share of turnover attributable to non-food is around 10% - 13%.


Fast Moving Consumer Goods are convenience goods required on a daily basis, the so-called quick turnaround products in retail terms. They particularly include food, but also washing and cleaning products and personal hygiene products. FMCG are reasonably priced and easily substituted by similar quality goods (compared to investment and luxury goods). FMCG is a highly competitive market.


Multi-channel retail is where retailers use at least two sales channels to sell their products to customers. For example, they may use a shop but also have their own online store. 


Omni-channel is where retailers use more than two sales channels of their multi-channel operation, e.g. in addition to online and over-the-counter retail, they also use social media or a catalogue. 


Area in the city centre retail pitch which has the highest footfall (75% - 100%), the highest density of magnet retail stores and (inter)nationally active chain stores. Assortments offered in prime locations are typically 'shopping goods' and 'luxury goods' in the medium- to higher priced segments. This is also where the highest rental prices are achieved for ground floor sales areas.


Regional centres are large cities of regional, and in some cases, national importance due to their function as administrative, socio-political and economic centres. They comprise the cities with the highest absolute retail turnovers in Germany. From a regional economic and retail economic perspective, these tend to offer long-term stability and a positive effect on the attractiveness of the cities as real estate investment and retail locations.


Typically, single-storey retail park in locations which are easily accessible by car, and are planned and managed centrally. Their uniform building design and shared car parking give the retail park the appearance of an integrated retail complex. Anchor tenants include medium to larger-scale retail warehouses, which are often connected by a covered mall area. The total sales area in these parks is at least 5,000 sq m.


Large-scale self-service retail store offering mainly a wide and varied assortment of reasonably priced goods in a specific sector, or targeted at a specific customer group and typically occupying a location which is easily accessible by car.


The space productivity factor of sales areas is measured in turnover per annum. Space productivity therefore is defined as: Turnover p.a. / sales area in sq m. The turnover includes VAT (gross turnover).


A shopping centre is a centrally planned, constructed and managed facility offering goods targeted at short, medium and long-term requirements. In contrast to retail parks, the stores are smaller and there is a greater variety and less in the way of specialist retail warehouse style assortments. The variously sized shops, restaurants and service providers are typically arranged over several floors, and are connected to each other by a covered mall area. The minimum sales areas are typically between 5,000 sq m - 10,000 sq m.


Large-format, mainly self-service retail store with a sales area of between around 1,500 sq m - 5,000 sq m offering a wide and varied assortment of food and luxury food items and other goods in the short-to medium-term requirement segments in locations which are easily accessible by car. In the case of superstores, the non-food turnover element is typically around 20% - 30%.


This describes an investment strategy involving significantly undervalued properties. The objective is to release value enhancement potential by implementing asset management programmes. This can, for example, involve the repositioning of a property in the market through extensive revitalisation and a change of tenant.


Uniformly planned or organically developed smallerscale retail agglomeration serving a clearly defined local area. The magnets are typically convenience retailers (supermarkets, small food discounters, drugstores and pharmacies). In the case of non-regular purchases, they focus on goods required for the medium term (clothing and shoes) sold in small retail units.


This describes an investment strategy in which the objective is to achieve some of the rental income from enhancing the value of properties. This is achieved for example by the inclusion of properties with development potential in an otherwise Core portfolio. The yields achieved and the level of risk involved are both slightly above the classic Core investments.


Large-format retail store offering various operating and service concepts, in which the wide and varied assortments in different segments are offered mostly in city centre locations or shopping centres. An example of a department store is GALERIA.


Organisation which assists wealthy families in their general family business affairs and wealth management. 


Large-format, mainly self-service retail store with a sales area of more than 5,000 sq m, offering a comprehensive assortment with a focus on food, and mostly occupying a location which is easily accessible by car. In the case of hypermarkets, the non-food turnover element is typically around 35% - 50%.


Area of a city centre retail pitch which has a medium footfall (50% - 75%), a dense coverage of small to medium-sized stores and some (inter)nationally active chain stores. In addition to 'shopping goods', these typically offer convenience retail assortments. Rental prices here are significantly below the prime locations because of the plentiful supply of retail space.


This describes a particularly high-risk investment strategy. It involves investment in project developments or existing properties which are significantly undervalued in terms of their potential. This potential is typically released as part of a repositioning process. The hold period tends to be short and is based on a quick resale. Although there are potentially high yields, there are also inherent high speculative risks.


The prime yield (net initial yield) shows the relationship between the initial annual net rental income (contractual rental income less non-recoverable operating costs) and the total investment sum (purchase price plus purchaser's costs = gross purchase price), expressed in terms of %. This is achieved in the respective top location for a building with first class fit-out, let long-term at market rental level.


Real Estate Investment Trusts are stock exchange listed public limited companies which achieve their turnover predominantly from the operation of real estate. They benefit from special structural and tax conditions.


Large-format retail store with various operating and service concepts and a varied and segment-specific assortment, typically occupying a high street or shopping centre location. One example of a textile retail store is a branch of C&A.


Typically, a single-storey retail park comprising a group of retail warehouses in locations which are easily accessible by car, but without a collective Center Management and with no recognizable uniform planning policy. Some have shared customer car parking, but these are the exception to the rule.


Secondary locations are districts, towns and cities which exhibit above-average index scores in the factors social demography, regional economy and retail economy in the CBRE Retail Investment Scoring Model. At the same time, the development tendencies here are more positive within the defined categories, compared to other locations. Secondary / second-tier locations may therefore be categorised as attractive macro locations over the longer-term.


Self-service retail store offering mostly food and luxury food items including fresh produce, over a sales area of up to 1,500 sq m in locations which are easily accessible by car, or in city district locations.


The cities of Berlin, Hamburg, Munich, Frankfurt, Stuttgart, Cologne and Düsseldorf are the most attractive real estate locations in Germany due to their size and economy. Strong interest from both German and international market players means that rents and investment volumes are at an above average level in these cities.