As head of leasing at MA Financial Group (formerly IP Generation), Jai Wallis reflects on a career spanning listed landlords, private equity growth, and the dynamic challenges of retail property. This exclusive Q&A forms part of the Inside Leasing feature published in the latest issue of SCN magazine.
SHOPPING CENTRE NEWS: How did you get started in retail leasing?
JW: While completing a property valuations degree, I was able to secure a graduate role at a commercial agency in sales and leasing. In this role, I gained exposure to a broad cross-section of the commercial property industry, including retail, office and industrial. I developed a passion for retail property, which led me to a role at Colonial First State Global Asset Management (now Vicinity Centres), where I learnt a lot and gained a deeper understanding of the nuances of retail property. In 2016, I was approached by an ex-colleague to work at Westfield, in the Victorian team. Wanting to gain exposure to the super-regional asset class, I jumped at the opportunity and worked across some of Australia’s largest centres.
After working within the listed landlords for a decade, I was attracted to IP Generation’s contrarian private equity approach and agile investment philosophy. I joined IP Generation in 2020, not long after its first retail acquisition, and was employee number six. Since then, IP Generation has grown from one retail asset to 14. It was recently acquired by ASX-listed global alternative asset manager, MA Financial Group.
SCN: Can you tell us about your current role?
JW: In my current role as head of leasing, I am responsible for leading our team across all aspects of the strategic and operational leasing across our national portfolio. In addition to this, I am heavily involved in the due diligence and leasing income underwriting on acquisitions.
SCN: Do you have any career highlights – proudest moments, favourite projects, most memorable deal?
JW: I have many great memories and reflect fondly on my entire time within the industry. It’s hard to identify specific moments in time; however, the early days at IP Generation were intense, with a very fast rate of growth, which was exciting and rewarding to be a part of.
SCN: What do you love about retail?
JW: For me, retail property is the most dynamic asset class. I am fascinated by what drives different businesses and love learning about the different ways they operate and how growth is achieved. The three-dimensional nature of each lease negotiation means we can gain real insight into each business that operates within our centres. Each asset is similar to an operating business, and I enjoy driving value by pulling the various levers available on the income and product mix side, as well as through broad, longer-term strategic aspects. You don’t get that three-dimensional visibility in other categories of property investment.
SCN: What do you think are the key elements of a successful retail business?
JW: Retail is such a dynamic and constantly evolving industry, I don’t think there is a set formula that ensures success. The ability to formulate a view on consumer preferences, have the courage to back your view, and have the risk tolerance to invest in opening retail stores requires a particular type of mindset. Also, having the foresight to know that what once made your business successful will change and you need to constantly reinvent your business and evolve is crucial.
SCN: When approaching a new leasing deal, what’s your philosophy on balancing commercial terms with finding the ‘right fit’ for the centre?
JW: Balancing commercial outcomes with tenancy-mix evolution is a common challenge across the industry. Our view is that it’s an imperfect science and needs to be considered case-by-case, rather than with a broad, overarching approach, due to the many variables at an asset and retailer level. The types of retail assets we own typically require an equal weighting, which in practice means on some occasions we are more focused on evolving the tenancy mix in a positive way to facilitate long-term productivity and value creation, and on other occasions we are intensely focused on achieving the right commercial outcome.
SCN: What major consumer or retailer trends are currently shaping your leasing strategies?
JW: At a very high level, our leasing strategies centre around building and growing overall productivity within the malls we own. We own a very diverse retail portfolio and the strategies we implement are tailored to reflect what the trade area demands. One trend we have witnessed is that due to lack of new retail space being built on the east coast, we see a bigger presence in typical shopping centres from large-format entertainment and leisure groups. To address this, we have been able to re-purpose areas at some of our centres that were previously underutilised or non-productive with these types of groups.
SCN: What makes a successful retail/landlord partnership?
JW: Successful retailer/landlord partnerships are typically built over time and involve each party acknowledging that their respective long-term success is interlinked. The deeper understanding each party has of the other’s key drivers, the more streamlined each transaction becomes, which is then self-perpetuating. These sorts of partnerships require a pragmatic approach and the ability to work collaboratively to satisfy the requirements of each business.
SCN: Your favourite retailer and why?
JW: I’m a big fan of Patagonia, the brand’s core values resonate with me, and the product is high quality and very well designed. I also think their retail activations are done very well. A brand my kids love is Yo-Chi. I have a huge amount of respect for how its team has been able to drive value and succeed in such a saturated and highly competitive market. Their property and site selection decisions have been excellent, not putting a foot wrong in any national market doesn’t happen by accident.
SCN: With MA Financial’s recent acquisition of IP Generation, what are the most exciting changes or opportunities you see in the future?
JW: We are incredibly excited about joining MA Financial Group. The combined team will oversee 17 directly owned retail assets along with several other managed assets. The level of scale provides an opportunity to offer our retail partners a more comprehensive solution when looking to grow their store network. Also, the vertical nature of the integrated business promotes a high level of alignment across the entire platform, which ensures we can maintain an intense focus on delivering investment outcomes.
- This article was first published in SCN magazine – Mini Guns 2025 edition
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