The Shopping Centre industry is driven by people. It’s the skills and expertise of the people that manage, develop and evolve shopping centres for their communities that creates this great industry. Shopping Centre News profiles a range of interesting people from the industry each week. This week we speak to Michael Haddrick, Managing Director of Comac Retail Property Group. Michael has been fortunate to have worked for some great organisations before starting his own business.
What is your current role and main responsibilities?
I am the Managing Director at Comac Retail Property Group, responsible for all facets of the operation the company, including sourcing new business opportunities and adding value to existing clients.
How did you get into this industry?
I was a Property Law Clark at Mallesons Solicitors and during the property crash of 1989, I was let go. However, they were very proactive for their time and used a placement company to try and find staff new positions.
I was given a position at Jones Lang Wootton as a Property Manager for three mortgagee in possession properties – Bayswater Village, Camberwell Market and Pakenham Place.
Tell us a little bit about your career
I’ve been fortunate to have worked for some great organisations and been part of some incredible teams. At Mallesons Solicitors, I learnt some great skills – in particular, the importance of having strong attention to detail and the art of file note taking. My team at Comac Retail Property Group will tell you how much I go on about accurate file notes.
At JLW, I cut my teeth on what they called “The Trifecta”, three mortgagee in possession properties. Interestingly, one of those properties, Camberwell Market burnt down one Easter Tuesday and I had only renewed the insurance on the Thursday afternoon before heading off for the Easter break. Very lucky! It could have been a very short property management career. From there, I managed Malvern Central and Australia on Collins before becoming an Associate Director with JLW.
In 1997, I was looking for a new challenge and joined Byvan as the Victorian State Leasing Manager. A small company compared to JLW, but a dynamic and energetic team that was exciting from the day I walked through the doors. I was promoted to Director of Management and Leasing for VIC/SA and together with Tory Richards our Managing Director, we grew the business to become the #1 retail management agent in Victoria.
After the Savills purchase of Byvan in 2003, I joined AMP Shopping Centres as Project Leasing Manager for their Knox City Redevelopment.
I formed Comac Retail Property Group in 2005, as a specialist retail leasing company and am proud to say that we now have 26 staff and manage or lease over 20 Centres with offices in both Melbourne and Brisbane.
We specialise in Property Management, Leasing, Marketing, Investment Sales, and Financial Management. We pride ourselves on quality service from our experienced team and offer tailored solutions to our clients, tenants and suppliers to build sustainable, long term partnerships.
Oasis Broadbeach on the Gold Coast.
What has been your hardest career decision?
Without doubt it was turning my back on traditional corporate life and a regular monthly salary to start Comac Retail Property Group. Following the highly successful Knox City Redevelopment, I had an offer to join another major landlord but decided the time was right to scratch the itch of running my own business and had identified that there was a need in the market for a more personalised, boutique leasing agency.
What do you love most about your job?
Building teams with a great culture who strive to be the best they can be and challenge traditional thinking. It took me a long time to work out that the groups of people I have been involved with at JLW, Byvan and later the Centre Management Team at Knox City were what I enjoyed the most. This can also be the most frustrating part of my job, but when you get a team right, the energy is electric.
Developing and implementing a strategy is also very satisfying. For example, with one of our clients, Abacus, we assisted in developing and implementing the leasing strategy for Birkenhead Point Outlet Centre. We had a great team approach and we provided an excellent result for the client.
Birkenhead Point Outlet Centre
What do you least like about your job?
Well if I like building teams, then I hate it when I get it wrong or it doesn’t work out the way I had envisaged.
What are some of the trends you are seeing in the industry?
The erosion of the DDS market and the consolidation and rationalisation of traders in this space. Rather than this being a problem, this is in fact the proverbial opportunity. I can recall when the Diamaru Department store exited Melbourne Central and Pacific Fair. These areas where reshaped and replaced with more dynamic retailers that produced an increase in turnover and therefore subsequent income. However, in order to achieve this, you need to have a strategic plan and know your target market intimately.
There is now clear delineation between Centre classifications from Super Neighbourhood/Neighbourhood, Sub-Regional to Regional and now Super Regional. Understanding the essential/convenience needs and discretionary spend and each assets customer is paramount. Sub-Regional and discretionary spend centres are not dead but you need to understand what your “signature” is.
We have recently and successfully worked to achieve this with two completely different Centres, being Williams Landing Shopping Centre in western Melbourne and Oasis Broadbeach on the Gold Coast.
Williams Landing Shopping Centre required additional research to remix this convenience Centre to meet the needs of the ethnically diverse trade area. Whereas Oasis Broadbeach, a high tourist market, was focused on discretionary food & beverage and apparel.
Finance is also an incredibly fast evolving market at present with the birth of Fintechs. The Banking Royal Commission and the subsequent lack of support from the Major Banks for Small to Medium Enterprises (“SME”) is an exciting playing field. We see it in our own business, so we have empathy for retailers. Partnering with Fintechs that appreciate your business and can actually assist you in growing is refreshing. They can work in, on and for your business.
Williams Landing Shopping Centre
Did you think you would end up in the role you are in now?
Yes, however, the experiences I have had over the years of running Comac Retail Property Group could not be foreseen. Agility is key in technology, people, economy, finance. You need to understand what drives your team as much as understanding and being in sync with your clients.
Now more than ever you need to be in a partnership with your clients. You need to make sure you are on the same page right from the start. This industry is hard enough without additional friction.
What advice would you give to someone starting in the industry?
This is a unique and challenging industry, but I don’t know of any other where you can make a good living by working hard, being honest and upfront to all people. Your reputation is everything in this business, look after yours and respect others as well.
What advice would you give to someone wanting to get in to Leasing?
Don’t rely on emails and the internet alone to lease. These are tools to assist you. The phone and face to face dialogue are still where you learn the most and develop solid relationships. Ask the right questions and listen to the answers. Two ears and one mouth, use them in this order.
What do you do in your leisure time to de-stress?
I try and keep healthy, boxing in particular is a recent de-stress that I’m loving. Travel and wine are the others, but they tend to cancel out the first one.
What’s three words that describe you?
Loyal, Resolute, Fair
Want to be profiled? Contact belinda@shoppingcentrenews.com.au
