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 Paul La Greca from Banna Property Group who has a busy role overseeing a portfolio of six retail and commercial assets.
What is your current role and main responsibilities?
Asset Manager at Banna Property Group overseeing an existing portfolio of six assets, including four neighbourhood shopping centres and two Sydney CBD retail/commercial assets.
How did you get in to this industry?
I studied Property Economics at university and my first role was working as a part-time research analyst with a fund manager while studying.
Tell us a little bit about your career
I feel fortunate to have worked across a number of different areas within the industry, from funds management, valuation and advisory, investment analysis, asset planning and centre management. This diverse experience has been very beneficial in my current asset management role.
What has been your hardest career decision?
Leaving AMP Capital Shopping Centres. I worked with, and under, some really great colleagues and managers. I formed many valued relationships which have continued on until this day.
What do you love most about your job?
I really enjoy the opportunity to work with good, genuine people. Forming strong, honest and trustworthy relationships is important to me.
I also really enjoy the strategic aspect of my role, both through value add opportunities of the existing assets and planning for the anticipated growth of the portfolio.
Cabramatta Plaza
What do you least like about your job?
The never ending emails!
What motivates you?
Early on in my career it was striving to do my best and prove to both myself and my managers I had what it takes to excel.
But now, as a manager and a leader, I’m more motivated by helping those I work with. I want to make them feel like they are part of a team and ensure they have the confidence to make considered decisions. While at the same time knowing that they are well supported.
What makes a great Asset Manager?
Industry experience and good communication most definitely, as well as being able to build relationships with all stakeholders in the business. There is also the need to be commercial in the approach taken when making decisions and be focussed on the investment objectives.
What is your most memorable moment of your career?
Moving from investment analysis and asset planning to shopping centre management. I was fortunate enough at AMP Capital to have secured a role as a ‘Centre Manager in training’ at Warringah Mall under the mentorship of the late Phillip Spence. I feel incredibly lucky to have started out in centre management at such an iconic shopping centre under the guidance of such a well respected and admired centre manager.
What do you think makes a successful shopping centre?
The right tenancy mix. There is a definitely a ‘sweet spot’ in terms of optimising the tenancy mix. It is very difficult to get that 100% right but if you develop a leasing strategy and work diligently towards that you are setting yourself up for success. There is the old ‘Field of Dreams’ quote, “Build it and they will come” but from a shopping centre perspective it is more about “lease it right and they (customers) will come”. Neighbourhood shopping centres is the segment of the market we are in, so providing the highest possible level of convenience for your customers in this time poor environment is the key objective.
Rosemeadow Marketplace
Which in your opinion is the best example of a good shopping centre, retail precinct or place?
Hard to go past the likes of Warringah Mall and Pacific Fair. The whole indoor/outdoor feel makes them stand out from other shopping centres. They interact with the environment and are less like artificial box environments.
Shopping centre design is certainly moving in the right direction, with new and redeveloped centres now more considerate of the natural environment, are more integrated and sustainable.
What are some of the trends you are seeing in the industry?
The traditional tenancy mix and space requirement of some uses are being challenged in the shopping centre environment, including within neighbourhood centres. While key fundmentals still apply most often, and there is the need to provide that essential element of ‘convenience’, we are seeing in our portfolio the need to think outside the box in terms of the possible uses for retail space and the length of tenure we also offer. Who would have thought you could have a swim school occupy a 180 square metres tenancy within a shopping centre, yet we have one in our Greenfield Park Shopping Village.
To that end, there is the growing trend that in order to attract unique and non-traditional uses, you often have to incentivise by innovative means. There is the need to be commercial in the approach taken while managing the possible downside risks. This is an interesting and exciting trend to be a part of. Property investment companies are learning to develop a tolerance for this kind of play, which can potentially offer up a point of difference to your competition which in turn can drive growth in customer traffic.
Greenfield Park Shopping Centre
Did you think you would end up in the role you are in now?
I hoped I would but you just never know. My career has taken some twists and turns I never really envisaged. Thankfully though my experience has certainly led me to this point.
What advice would you give to someone starting in the industry?
Don’t be too focusesd on the financial aspect early on in your career. Focus instead on learning and gaining experience. You have to prove yourself. Also, ensure you work with good people and managers.
What do you do in your leisure time to de-stress?
Play tennis, ride my push bike or motorbike, gardening and spend time with my family.
What’s your favourite retailer and why?
Aldi. I love the unusual weekly specials but I’m not one of those crazies I assure you.
Do you like shopping?
For about the first half an hour and then I start to lose patience and interest very quickly.
What is the single most important quality you need to possess to be in this industry?
A strong work ethic, as shopping centre management and investment is demanding but at the same time rewarding.
