Retail First Pty Ltd - Comprehensive Analysis Report

Summary

Retail First Pty Ltd is an Australian company specializing in retail and commercial property services for business and property owners. The company manages one of the largest privately owned shopping centre portfolios in Australia, overseeing 21 shopping centres primarily located in South East Queensland. Its mission is to deliver sustainable, positive dividends for all stakeholders by emphasizing a tailored, localized approach that meets the unique needs of each shopping centre's customers. Retail First plays a significant role in the Australian retail property sector, contributing to the industry's $37.2 billion market size in 2025. The company's vision involves enhancing customer experiences, driving tenant satisfaction, and fostering community hubs within its managed properties.

1. Strategic Focus & Objectives

Core Objectives

Retail First's primary objectives are centered on enhancing its portfolio's value and operational efficiency. Key goals include:

• Value-Adding Opportunities: Regularly identifying and implementing initiatives that increase the overall value of its managed assets.

• Tenancy Remixing: Proactively adjusting the tenant mix within shopping centres to better align with customer demographics and market trends, ensuring a diverse and appealing retail offering.

• Upgrading Common Mall Areas and Facilities: Continuously modernizing and improving shared spaces and amenities to meet evolving customer and industry expectations.

• Enhancing Customer Experiences: Implementing strategies and improvements aimed at making shopping centres more attractive and enjoyable for visitors.

• Driving Tenant Satisfaction: Ensuring retailers operating within their centres are well-supported and have conditions conducive to business success.

• Creating Community Hubs: Fostering a sense of familiarity and belonging, positioning their shopping centres as central points for community interaction.

Specialization Areas

The company's expertise spans several critical areas in retail property management:

• Asset Management and Development: Overseeing the long-term strategic growth and physical development of their portfolio.

• Operations and Risk Management: Ensuring smooth daily operations and mitigating potential risks across all managed properties.

• Retail Leasing: Strategically managing tenant relationships and securing diverse and desirable retail brands for their centres.

• Marketing: Developing and executing campaigns to attract customers and enhance the brand appeal of individual centres.

• Information Technology: Leveraging tech to support operations, management, and potentially customer engagement.

• Financial Management: Ensuring sound financial oversight and performance of the managed assets.

Target Markets

Retail First primarily targets the Australian retail property market, with a specific focus on shopping centres in South East Queensland. Their strategy involves tailoring approaches to the unique customer demographics and local community needs of each individual shopping centre within their portfolio.

2. Financial Overview

Retail First Pty Ltd operates with an estimated annual revenue of $41.5 million. The company manages a substantial portfolio comprising a gross lettable area of 535,369 square meters. This portfolio generates an annual turnover of retail sales approximately $2.186 billion and attracts 87.4 million customers annually across its centers. The company demonstrates its financial strength through significant investments in its portfolio, including the acquisition of Strathpine Centre for $267 million and a substantial $50 million upgrade at Australia Fair. These investments highlight a commitment to portfolio expansion and enhancement, directly impacting company growth and asset value.

3. Product Pipeline

Retail First Pty Ltd specializes in providing comprehensive retail and commercial property services. Its core offerings, which can be seen as its "product pipeline," are continually refined and delivered across its portfolio:

• Shopping Centre Asset Management: This service encompasses the strategic oversight and long-term planning for the 21 shopping centres under management. It involves identifying value-adding opportunities, optimizing asset performance, and ensuring the portfolio aligns with market demands.

• Retail Leasing Services: Retail First provides full-spectrum leasing services, managing relationships with major tenants, securing new specialty shops, and undertaking tenancy remixes to create optimal retail offerings within each centre. This service is ongoing and tailored to individual property needs.

• Property Operations and Risk Management: This involves the day-to-day management of shopping centre facilities, including maintenance, security, and ensuring a safe and efficient environment for retailers and customers. Operational strategies are continuously updated to meet evolving standards.

• Development and Redevelopment Projects: The company actively undertakes upgrades and redevelopments across its portfolio, such as the $50 million upgrade at Australia Fair and ongoing refurbishments at properties like Toowong Village and Sunny Park. These projects are cyclical, ensuring the centres remain modern, competitive, and attractive.

• Marketing and Customer Experience Enhancement: Retail First develops and implements marketing strategies for its centres, focusing on community engagement and enhancing the shopping experience. This includes community initiatives and event programming designed to increase foot traffic and dwell time.

• Financial and Information Technology Management: Providing robust financial oversight for the managed properties and leveraging information technology to improve operational efficiency, data management, and strategic decision-making.

These services represent the ongoing operational and developmental "pipeline" through which Retail First delivers value to its property owners and stakeholders.

4. Technology & Innovation

Technology Stack

While specific proprietary technologies are not explicitly detailed, Retail First emphasizes "information technology" as a core strength and essential component of its operations. The company's technology capabilities support:

• Information Systems Management: Overseeing the core information systems that underpin the management of its extensive shopping centre portfolio.

• Infrastructure Design and Maintenance: Ensuring robust and reliable IT infrastructure for seamless operations across all managed properties.

• IT Security: Implementing measures to protect sensitive data and ensure the security of its digital environments.

• Equipment and Software Acquisition: Strategically investing in necessary hardware and software to enhance operational efficiency and modernise centre facilities.

• Integration of New Retail Technologies: Through its significant upgrades and redevelopments across the portfolio, Retail First is inherently involved in modernizing infrastructure, which encompasses integrating new retail technologies aimed at enhancing the shopping experience and operational efficiency within their managed centers.

5. Leadership & Management

Executive Team

Retail First Pty Ltd is led by an experienced team of professionals, each contributing significant expertise to the company's success:

• Steven Bridges - Managing Director:

• Professional Background: Established Retail First in 2003. Possesses over 30 years of experience in Shopping Centre Management, Operations, Leasing, Investment Sales, and Marketing. Prior roles include Queensland Manager of Savills and Joint Managing Director of Shopping Centre Management with Byvan.

• Notable Achievements: Contributed to Australia's property industry as a National Committee Member of the Shopping Centre Council of Australia, Queensland Chairman of the Australian Council of Shopping Centres, and an Executive Committee member of the Property Council of Australia. Received the President's Award from the Property Council of Australia in 2012 for outstanding performance in the retail sector.

• Key Contributions: Instrumental in founding and steering Retail First, leveraging extensive industry experience to grow its significant portfolio.

• Michael Jeffries - Director:

• Professional Background: Over twenty years of experience in leasing, management, and development of retail property. Holds a Bachelor of Applied Science in Property Economics from The Queensland University of Technology.

• Key Contributions: Focuses on strengthening the portfolio through major tenants and development, with expertise in leasing specialty shops and working on new, expanded, and refurbished major tenants.

• Rebecca Leahy - Director

• Trent Davis - Director

• John Green - Director

• Kathryn Lim - Chief Financial Officer

• Mark Johnson - Head of Finance:

• Professional Background: Chartered Accountant with 15 years of experience in Management and Statutory reporting, process re-engineering, projects, and change management.

• Key Contributions: Oversees financial management and reporting, bringing expertise in optimizing financial processes.

• Bernie Furtado - Head of Operations:

• Key Contributions: Responsible for the operational excellence of the managed shopping centres.

• Bec Gascoigne - Head of Marketing:

• Key Contributions: Leads marketing strategies to promote the shopping centres and enhance customer engagement.

• Le-Anne Parkinson - Head of Pop Up:

• Professional Background: Manages all Pop Up Leasing services. Over 20 years of experience in the retail property industry, previously with Byvan/FPD Savills and Grosvenor Properties.

• Key Contributions: Drives flexible leasing solutions for the company's portfolio.

• Elizabeth Clancy - Head of Development:

• Professional Background: Over 25 years of experience in design, property development, and property management across residential, retail, and hospitality sectors. Joined Retail First Pty Ltd in 2010. Holds a Graduate Diploma in Property Economics (Development) from QUT and an Associate Diploma of Arts in Interior Design from Griffith University.

• Key Contributions: Successfully completed projects in 14 of the 20 properties under management, playing a critical role in the development and refurbishment initiatives.

• Paul Mulligan - Head of Information & Technology:

• Professional Background: Nearly 30 years of experience in the IT industry. Holds a Bachelor of Engineering (Honours) from the University of Queensland.

• Key Contributions: Oversees information systems, infrastructure design, implementation, maintenance, IT security, and equipment/software acquisition, ensuring robust technological support for the company.

Recent Leadership Changes

Retail First Pty Ltd continually evolves its leadership to support its expanding portfolio. Recent appointments include the management of Strathpine Centre reflecting a strengthening of its operational leadership in South East Queensland. These changes are aligned with the company's growth strategy and its commitment to effectively manage newly acquired assets.

6. Talent and Growth Indicators

Retail First Pty Ltd currently employs 166 individuals, demonstrating its significant presence as an employer in the retail property management sector, despite a 6% decrease in employee count over the last year. The company's growth trajectory is indicated by its expanding portfolio and substantial investments in property acquisitions and upgrades. Leadership places a strong emphasis on empowering staff at the centre level, granting them discretion for quick and decisive decision-making. This approach is cited as integral to achieving strong results in tenant satisfaction surveys, highlighting a supportive and results-oriented culture. Job listings occasionally appear for various roles within the broader "Retail First" category in Australia, encompassing retail sales, customer service, and management positions, supporting its ongoing operational needs.

7. Social Media Presence and Engagement

Digital Footprint

Retail First maintains a focused presence on YouTube, utilizing two channels to showcase its activities and connect with communities:

• "Retail First" (@RetailFirstPtyLtd): This channel has 39 subscribers and features 85 videos. Content includes centre parade videos, highlighting the vibrant atmosphere of their shopping centres, and community initiatives, underscoring their local engagement.

• "RetailFirstAustralia" (@RetailFirstAustralia): This channel currently hosts 1 video.

Community Engagement Strategies

A significant aspect of Retail First's digital and community strategy is its commitment to social responsibility. The company maintains an ongoing collaboration with the Australian charity organization "Share the Dignity" for donation drives aimed at combating period poverty. This partnership exemplifies Retail First's dedication to community involvement and highlights their positive impact within the regions their shopping centres serve. The content on their YouTube channels often reflects these community-centric efforts, reinforcing their brand messaging as community hubs.

8. Recognition and Awards

Industry Recognition

Retail First and its leadership have received notable recognition within the property sector:

• President's Award from the Property Council of Australia (2012): Steven Bridges, the Managing Director, was honored with this prestigious award for his outstanding performance and contributions to the retail sector.

• Independent Retailer Satisfaction Surveys (Monash University): Retail First has demonstrated strong performance in these surveys, showing significant improvements across key metrics. These include enhanced landlord-retailer relationships, a higher Net Promoter Score, increased Retailer Satisfaction, and improved Ease of Doing Business, indicating effective management practices and strong tenant relations.

9. Competitive Analysis

In the dynamic Australian retail property management sector, Retail First Pty Ltd navigates a competitive landscape alongside several major players:

• Scentre Group:

• Company Overview: Owns, develops, and manages Westfield-branded retail destinations in Australia and New Zealand.

• Focus Areas: Creating living centres that offer retail, dining, entertainment, and community experiences.

• Technological Capabilities: Utilizes Salesforce.com CRM, Zendesk, VMware vSphere, and various Microsoft products to streamline operations and enhance customer experience.

• Notable Achievements: A leading force in retail property, known for its extensive portfolio and brand recognition.

• Competitive Positioning: Emphasizes premium retail destinations and a strong brand ecosystem.

• Vicinity Centres:

• Company Overview: Manages 61 shopping centres across Australia, holding $22 billion in retail assets.

• Focus Areas: Mixed-use development, sustainability initiatives, and leveraging data analytics for strategic decision-making.

• Technological Capabilities: Employs a tech stack including Salesforce, Storyblok, React, New Relic, and Veeam for robust data protection and content management.

• Notable Achievements: Recognized for its focus on evolving shopping centres into multifaceted community hubs and strong sustainability efforts.

• Competitive Positioning: Strong in mixed-use development and data-driven portfolio management.

• The GPT Group:

• Company Overview: A diversified property group with investments in retail, office, and logistics sectors.

• Focus Areas: Developing and managing premium assets with a strong emphasis on sustainability and digital upgrades within its retail portfolio.

• Technological Capabilities: Continuously investing in digital upgrades across its centers to enhance customer experience and operational efficiency.

• Notable Achievements: Acknowledged for its leadership in sustainability across its property portfolio.

• Competitive Positioning: Known for high-quality assets and a strong commitment to environmental and social governance.

• Charter Hall:

• Company Overview: Manages a diverse portfolio including office, industrial, and retail properties.

• Focus Areas: Specializes in "convenience retail," investing in high-quality assets often anchored by non-discretionary retail and long-term leases.

• Technological Capabilities: Utilizes AI for property valuations and actively explores blockchain technology to enhance its operations.

• Notable Achievements: Recognized for its strategic investments in stable and resilient retail assets.

• Competitive Positioning: Strong in convenience retail and early adoption of emerging technologies for property management.

• Stockland:

• Company Overview: A diversified property group involved in residential communities, retail town centres, and logistics assets.

• Focus Areas: Optimizing retail mix through data analytics, AI, and machine learning, alongside expanding its retail offering through omnichannel strategies.

• Technological Capabilities: Leverages customer data, AI, and machine learning for retail optimization. Launched an e-commerce platform, Stockland Marketplace, for online retail.