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 Rick Silberman, Director, Retail Investments at Savills Australia who leads the Victorian Retail Investments team.
What is your current role and main responsibilities?
I lead the Victorian Retail Investments team at Savills where we specialise in the sale of income producing assets occupied by quality and secure retail tenants. We are most active in the sale of standalone supermarkets and neighbourhood shopping centres anchored by a supermarket with anywhere between 3-25 speciality shops as well as large format retail centres.
How did you get started in this industry?
I started doing what I knew would be required to do once already in the industry and that was picking up the phone and calling people to network. Selling myself (rather than a property) to a potential employer was essentially my first campaign. It was a challenge because I was entering the industry at an older than usual age of 31.
Tell us a little bit about your career in the industry
I started out in a unique boutique firm where I was given the opportunity to cut my teeth into anything I wanted. I worked on industrial assets, commercial office, development sites and retail. After three years with this firm and some notable deals under the belt, I received an unexpected phone call from a mid-tier firm who wanted me to join their team. They were focused on the sale of retail investments in the $1m-$10m range. After 18 months with this firm, the opportunity presented itself to sell shopping centres in addition to leading a team in the retail investment space which was something I couldn’t refuse.
Did you think you would end up in the role you are in now?
I can’t say I did, however I’ve always been one to embrace uncertainty and that was a much needed mantra entering the industry at a later stage than usual. The good thing for me was that it didn’t take long for me to realise I had fallen into a career that was a perfect fit and therefore going to last a lifetime.
What has been your hardest career decision?
Each time I have left my respective two previous firms, it was an incredibly difficult career decision. I forged some great relationships and friendships with colleagues and I found myself leaving great teams for the purpose of taking my career to another level and the promise of something greater which is never guaranteed so it’s always a tough decision to make. So far it’s worked out well.
What do you love most about your job?
Nothing comes close to the exhilaration, relief and fulfilment of delivering an unconditional transaction. A lot of hard work goes into these deals so once a sale is completed, I love reflecting about everything that was involved. All the calls, all the meetings and all the emails that brought us to the point of getting it over the line. It’s also a good opportunity to self appraise and see where you could have been better for the future.
What do you least like about your job?
It would have to be the administrative side of things. It has never been my strong suit so I am very thankful to have a great support team to assist me with these matters.
What motivates you?
The satisfaction that the industry provides. It’s fun, fast-paced, competitive and provides a lot of adrenalin. Ultimately, the thrill of the next opportunity to do a deal and knowing the enjoyment that comes with that is what keeps me most motivated.
What makes a great Director of Retail Investments?
Knowing who your buyer market is and knowing who your owners are. In addition, making sure they know who you are and they know your capabilities and track record. Always keep in front of them, communicate with them constantly and understand that it’s the long game. Nothing happens quickly in commercial real estate.
What is your most memorable moment of your career?
I have to say it was one of my first ever leasing deals. I had noticed a shop in South Melbourne that had been vacant for some time so I contacted the owner to see if I could help. His strict instruction was that he wanted a tenant that had a trendy, popular food brand. So, I jumped on Google and looked up the best restaurants in Melbourne and started making contact. We ended up securing MissChu to the premises on a long term lease.
What do you think makes a successful shopping centre?
There are the obvious fundamentals that factor in like location, convenience, tenant mix, competiton etc. however I think it’s often the intagibles that get overlooked. How much care is being given to a centre, how does it present? What’s the vibe and feel of walking through it? You can apply the same theory to individual retailers as well. What separates a good hairdresser or restaurant from an average one? Are the operators doing what it takes to ensure you want to return as a customer? Ultimately you get out what you put in.
Rick’s local favourite centre, Malvern Central
Which in your opinion is the best example of a good shopping centre, retail precinct or place?
My local Malvern Central is a great example of a convenience based localised centre that offers everything you need from easy access, Woolworths supermarket, David Jones and food hall and a great mix of convenience based specialty retailing. It presents really well and families and children love it.
How can landlords and retailers work together better?
I think a big shift is required from an old school adversarial mindset to a business partnership where both parties accept that they rely on each other to succeed and meet business objectives
What are some of the trends you are seeing in the industry?
The emergence of the ‘retailtainment’ industry where more landlords are looking to provide innovative experiences to customers at their centres that are interactive and technology enhanced in order to increase shopping centre dwell time.
What’s three words that describe you?
Honest, fair and diligent.
Malvern Central, loved by all demographics
How do you manage stakeholders?
Through honesty. Once people around you realise you can be trusted they will be open with you and you can get things done more efficiently.
What do you do to keep learning and growing in your career?
I like to make a point of learning from all people that I cross paths with in the industry because they are from all walks of life and have amazing stories. I am always looking to upskill where possible and really enjoy the various courses offered through relevant industry bodies.
What advice would you give to someone starting in the industry?
The best thing about wanting to enter the property industry is that if you call a business owner, a Director or anyone senior, they are automatically going to be impressed with you (whether they show it or not) because you are demonstrating what will be required as part of your job in the industry. Never be afraid to call anyone. If they don’t have time for you, move on to the next one.
What advice would you give to someone wanting to get in to Retail Investment Sales?
Go for it. There’s nothing to lose. Get online, contact an agent like myself and ask to sit down for a cup of coffee to have a chat.
What do you do in your leisure time to de-stress?
I’m a big sports guy so sitting back and watching a game of a basketball or football is the perfect remedy to help me unwind.
What’s your favourite retailer and why?
I have to say Nike. I really like all their apparel. They have managed to stay the leader in sports apparel forever and they continually innovate and push boundaries.
What innovation would you like to see implemented in the shopping centre industry?
I recently read about the concept of toe-prints which is more relevant than ever today. Here, centres provide space for customers to try the products from e-commerce retailers via showroom spaces provided by the centre. Online retailers can then get a micro-footprint in an environment before they are ready to commit to bigger, longer-term lease arrangements.
Like all great retail professionals Rick loves shopping
Do you like shopping?
I love shopping, always have. I am a real consumer at heart and love being sold to. In doing so, I like to look for ways I can pick up on new and effective communication styles and techniques.
Have you worked in another industry and then come back to shopping centres?
I worked in a family business for five years selling homemade rocky road to cafes and hamper companies around Australia.
What is the single most important quality you need to possess to be in this industry?
Resilience. Get knocked down nine times, get back up 10. It will come together as long as you don’t give up.
Want to be profiled? It’s the perfect time to share your career and experience which connects all of us. Contact Belinda Daly, belinda@shoppingcentrenews.com.au
