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From visitors to turnover to tenants, who then have a sound basis for
paying the Corio rents.
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With a lettable area of 1,355,000 m2 and contracts with 4,800 retail tenants in five home markets, Corio centres create meeting places where people like to meet each other, where they spend money and that they return to.
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The financial crisis which manifested itself at the end of 2007, spreading from the United States to the rest of the world, ultimately also had consequences for the economy in 2008.
The effect was exacerbated by the combination of a shrinking economy and a shortage of credit that prevented companies, both large and small, financing the growth of their businesses. The financial world and the economy faced several setbacks in 2008, of a kind previously thought impossible. Rescue operations by central governments for both banks and companies, following the example set by
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The sale of the offices and industrial portfolio in the Netherlands brought Corio a big step closer to its goal of becoming a pure retail player and, by year-end 2008, retail accounted for 92% of the total portfolio.
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After the events of 2008, great caution has to be observed in making any prediction.
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Corio continued to pursue its strategic course in 2008.
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Corio’s strategic objective is to create sustainable shopping centres where people enjoy meeting and spending time and money and to which they are pleased to return. Corio is aiming to become a pure retail player. We are well aware that sustainable centres involve more than retail trading alone and we therefore aim for a mix of functions, but the retail segment still drives Corio’s performance. The performance of a shopping centre is largely dictated by the primary catchment area: success is determined locally. In-depth knowledge of the local conditions and environment is therefore essential.
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The following risks can be identified with respect to Corio’s strategy.
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Corio has opted for Europe: it is large enough to create critical mass, enabling Corio to recruit high quality, professional management staff.
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