3. What’s Unique About Millward Associates?
Retail
Operations
Market
Research
Knowledge of
Asset
Valuation
Rare combination of experience & formal learning
20 years of practical application on leading malls for blue-chip clients
Notable career firsts
4. Our Client Work
2002 to present The Mall Cribbs Causeway
Annual peak & off peak strategic performance reviews – as process flow chart
2011 to present Capital & Regional
All malls – biennial strategic tenant profitability & rent affordability review
2005 to present Dundrum:
Annual strategic performance review – as process flow chart
Target retailer market appraisals
2004 – 2010 Dublin Central:
2004 & 2005 Dublin region strategic opportunity research
2006 to 2008 working with John Lewis & Chartered Land
2007 to present The Pavilions:
Annual strategic performance review – as flow chart
2015 Marshes, Dundalk
Biennial asset performance optimisation strategy – as flow chart
2010 to present, The Liberty Romford
Biennial strategic performance review – as flow chart
5. Over-riding Goal
Whether in a growing or declining market, clients want to:
“Achieve out-performance in asset value through a combination
of rental growth and improvements in tenant mix that
positively impact yield”
6. Driving Asset Performance Improvement
Asset value is dependent on retail performance:
Providing what Consumers want
Via the optimum mix of Merchandise & Experiences
Delivered by a Tenant mix – profitable and able to afford rent
Effective use of Space to maximise profitable retail trading
This is the engine room of asset value growth
9. The Questions We Answer
Why are some tenants more successful than others?
What sales do they achieve?
Are they profitable?
What rent can they afford, can we leverage it?
Who are our customers?
How many do we / could we attract?
Who are our most valuable customers, how do we identify them?
How do we target them and measure the change?
Who are our competitors, what’s the size of the threat, how is it evolving?
How do we identify which retailers will deliver for us before we admit them?
How can we best configure retail space to optimise profitable sales and
long-term rent potential?
10. Growth Begins & Ends With Consumers & Retailers
Three stages to our approach:
1. Research :
Supply – retail research
Demand – consumer research
2. Analysis:
Market Capacity – supply & demand gaps
Tenant Performance – actual sales / profitability / affordable rent
Performance Improvement Potential – tenants / sales / rent headroom
Balanced Scorecard of KPIs
3. Strategy:
Tenant Mix Recommendation – rent & asset value growth
Support Client Decision Making – realize performance improvement
Others do it, but not with the same depth of experience, insight & authority
11. What They Say About Us
“Mark Millward provided detailed, specialist knowledge of retail supply and customer behaviour in Ireland, as a business
consultant, to enable us to properly evaluate the market opportunity for our brand within this new market. I would be happy to
work with Mark on future projects” Michael Flood, Manager Strategic Customer Analysis
“Mark Millward is thorough, professional and discreet. His work is well presented and always delivered on time. Mark’s work is
used to inform our asset management, tenant mix and leasing strategies. His conclusions have a strong influence on our
actions in the following year and have proved to be insightful on many occasions. I would have no hesitation in recommending
shopping centre owners to use Mark’s services.” Dominic Deeny, Chief Executive
As a fund manager of shopping centres I have instructed Mark to analyse the trading performance and therefore sustainable
rental levels for retailers of a number of assets within my fund. He carried out a very detailed piece of work and presented it in a
helpful and clear way to allow me and the asset management team to benefit from the report. The team and I use the report to
set the asset business plan with a clear understanding of what different retailers can sustainably afford to pay at a time in the
retail market when retailer failures are common place. This information means we can set realistic return projections and
income budgets. The information is also used during letting discussions with retailers to clearly show them the trading potential
of the assets. I would recommend this service to owners of retail assets and retailers to ensure both parties understand the
trading potential”. Justin Brand, Director of Real Estate, Aviva Investors
12. Our USPs
Expert in the fundamentals of retail performance
Dedicated application of senior retail expertise to client work
Commitment to a grass roots research process:
Consumer demand? Engage with them in the act of shopping
Retail performance? Interview store managers
Finely tuned and highly realistic ‘sense-checks’
Advice which stands the test of time, irrespective of external conditions:
Boom
Bust
Recovery
13. Who We Are
Our Team:
Mark Millward – managing director & lead consultant
FootFall, Head of Consultancy
FSP, Partner
John Lewis, various operational roles
Harrods
Denise Emslie – consultant
NEXT, Regional Controller
Miss Selfridge, Store Manager
Clive Vaughan – consultant
Verdict & Retail Intelligence
ASDA & J Sainsbury
What’s Your View – field services
Dr Andrew Broadbent, CES Ltd – geo-demographics, gravity modelling
14. We Can Help
We can do it all at once :
Strategy – tenant mix re-engineering to deliver asset value growth
or in manageable chunks:
Market Research & Analysis capable of identifying opportunities for rental
income growth:
“The Business in the Building” – tenant turnover, profit & rent sustainability
Consumer survey research
Pedestrian flow surveys
Pre-acquisition study
Tenant due diligence & appraisal of future earnings potential
Pre-investment due diligence
Measuring & improving the impact of marketing spend on asset
performance
15. Next Steps
Is there an opportunity?
Determine usability of existing research outputs
Agree scope
Reconvene to discuss proposal – date?
