60 seconds with the 2019 LFRA Overseas Study Tour scholarship recipient
Today Unwrap speaks with Vanessa Madden, who was the 2019 LFRA Overseas Study Tour scholarship recipient.
As the national peak industry association for Australia’s Large Format Retail sector, the LFRA seeks to foster and encourage the next generation of sector leaders.
The scholarship application process was open to all employees of LFRA Retail and Associate members, however individuals that have participated in a past LFRA Overseas Study Tour/s, LFRA Directors, and Alternate Directors were ineligible for nomination.
Vanessa is National Portfolio Director, Retail Property Management at CBRE, the largest commercial real estate services company in the world.
Vanessa has worked in Property Management for 16 years across three states and has studied with the Australian Institute of Management. As National Portfolio Director, Vanessa manages a team and property portfolio spanning 5 states and provides a single point of contact for her client. Working solely with Harvey Norman since May 2018, Vanessa has significantly raised portfolio standards through placemaking, presentation, relationships, reporting and staffing.
Thanks for joining us today Vanessa.
At the LFRA NSW Forum when you were announced as the winner of the scholarship you looked rather surprised. Had you given yourself any chance of winning?
I was definitely surprised. I was happy just to be short listed, however I knew the calibre of applicants would be high so I had already convinced myself I would apply again this year.
Who or what encouraged you to apply for the scholarship?
After seeing the Forum presentations on the Study Tour it looked like an amazing opportunity, I thought anyone would be crazy not apply. I’d also heard good things about previous tours from colleagues so I had been planning to apply since last year.
How have you benefited from being involved in the recent LFRA Overseas Study Tour?
It has enabled me compare how we can do things better or differently, and provided assurance on what we are doing well in Australia. It is a privilege to have had the opportunity to be exposed to varied retail internationally.
Also the networking- the vast experience and breadth of knowledge of the other Study Tour participants from so many other companies is not something I always have access to in my every day job. Everyone was so welcoming and it was really lovely to spend so much time with others who share my passion for retail.
In what ways are the Large Format Retail properties you observed on the Overseas Study Tour different to what we have in Australia?
With the exception of IKEA, the Large Format sites that we visited did not appear to put much weight into community and customer experience. IKEA are definitely leading the way in Europe.
We learnt about the rising number of vacancies in the UK. Is the Australian market resilient enough not to follow suit?
While leasing is definitely getting tougher, we need to diversify our retail mix (where our zoning allows) to lease vacancies, but also to support our current tenants’ turnover.
On the management side we need to build community spaces where customers want to come rather than need to. If we can do these things we will increase customer visitation and dwell time, which will in turn increase tenant turnover and reduce vacancy rates.
The retail environment is ever-changing and we need to ensure we change with it. So if we can do that, then yes.
Name two key ideas you learnt on the Study Tour.
The PwC presentation about UK retail trends and strategy made me realise that we are not utilising omnichannel systems to track customer wants, needs, and spending habits.
Secondly, IKEA is such an innovative company, it had me thinking a lot about sustainability and how we can implement it better across our centres.
Do you think you will incorporate or implement these ideas in the centres you help manage? Absolutely. I am already investigating.
I am looking to making improvements to our portfolio in both of these areas in the near future!
What was your personal highlight of the Study Tour?
Definitely the meeting and presentation at PwC London. The passion with which Jacqueline Windsor presented was really inspiring.
And finally, why should people consider getting involved in the next LFRA Overseas Study Tour?
I have a passion for retail, and the tour really did have something for everyone, from agents, to contractors, landlords and retailers. Not only do you get to go overseas and do what you love, but you build relationships with some amazing people and get to have some fun along the way. Win win!
This article is a part of a 10-segment series covering the 2019 LFRA Overseas Study Tour.
