If the Bernie Brookes era at Myer is remembered for one thing, it will be the highest profile float in recent corporate history. The department store chose Jennifer Hawkins to be the poster child of its initial public offering, launched in 2009 with full-age newspaper ads of the former Miss Universe. Before long, 250,000 Australians had downloaded the prospectus. "Many of them," quips one former Myer executive, "just to get the pictures of Jen."
A second hallmark of Brookes' regime was the churn of executives. In the six years after Myer hit the boards, the retailer went through 20 executive team members, a departure every four months. On that count alone, Megan Foster's time at Myer must be heralded as a success.
![General manager of retail for QIC, Megan Foster.](/web/20170311114028im_/http://www.theage.com.au/content/dam/images/g/u/v/d/z/l/image.related.articleLeadwide.620x349.guvdoe.png/1489123782144.jpg)
After joining ahead of the IPO, Foster spent eight years at Myer, including five on the ever-changing executive team, and became one of the company's highest profile executives.
Foster headed up the company's marketing and corporate affairs divisions, led the acquisition of fashion house sass & bide, where she was appointed managing director, and managed the $300 million redevelopment of Myer's famous old Melbourne CBD store. Construction was hindered by asbestos and heritage overlays on Mural Hall, the ballroom that has National Trust protection. Amid construction, a rogue brown snake bit a cleaner. "We also nearly crushed Bindi Irwin during a visit," laughs Foster. "Sorry, Bindi."
![Foster managed the $300 million redevelopment of Myer's Melbourne CBD store.](/web/20170311114028im_/http://www.theage.com.au/content/dam/images/g/u/v/l/s/i/image.related.articleLeadwide.620x349.guvdoe.png/1489123782144.jpg)
Despite the setbacks, the redevelopment was brought in on time and under budget. "Looking back, I was thrown in the deep end, because I had little experience in property development or managing a building project," Foster says. "The biggest thing I learned is, it's not about what you know. It's about the quality of the team you assemble. I was very lucky to have a quality team."
When Foster quit in 2014, amid another leadership restructure, it left Brookes and chief financial officer Mark Ashby as the survivors of the original team that led Myer ahead of its float. "Looking back now, I loved the Myer experience," Foster says. "I loved the breadth of challenges I was given, from working on supply chain, to marketing director, to project managing the CBD project. All of that exposure allowed to me to develop as a manager and, now, to do something very new."
In March last year, Foster was appointed general manager of retail for QIC, the $79 billion investment arm of the Queensland government. Foster is in charge of leasing at QIC's 10 major retail properties, which include Eastland in Ringwood, Robina Town Centre on the Gold Coast and a major new development at 80 Collins Street in Melbourne.
The retail division has been a shining light for QIC. Its growing network of retail sites attracts 120 million shoppers annually. Eastland contains a who's who of brands, ranging from Uniqlo and H&M; to sass & bide, Camilla and Mecca Cosmetica. "I do admit, I love retail," Foster says. "After taking a year out of the business world, I have a spring in my step."
![''We are not just about the stores, we are also about our civic role and being part of the community.''](/web/20170311114028im_/http://www.theage.com.au/content/dam/images/g/u/v/d/y/b/image.related.articleLeadNarrow.300x0.guvdoe.png/1489123782144.jpg)
During that year, Foster invested time with her parents and her teenage children, and completed a qualification with the Australian Institute of Company Directors. Then a global headhunting firm, engaged by QIC, came knocking. QIC was building an ambitious new retail precinct in Ringwood, in Melbourne's outer east. QIC's Steven Leigh and Stuart Miller had a vision of building a precinct that was a key part of the community, rather than just a shopping mall.
"We call it 'place making' and I find it visionary," Foster says. "We are not just about the stores, we are also about our civic role and being part of the community." To that end, QIC is building a library and cultural centre at Eastland with the local council. A Town Square precinct features gardens and restaurants. A hotel is the next stage of the development. The masterplan seems to be working. Property prices around Eastland have risen 15 per cent in the past year.
"It's exciting for me, as it's not just more of the same," says Foster. "It is is shaking traditional retail up, and keeping pace with the consumer and what they want. That, after my time at Myer, is very exciting. The demise of bricks and mortar has been overplayed. I like to look at picture theatres. We were told years ago they were gone, the business was dead. Now, if you go along, they are humming. They have reinvented themselves as a destination. Retail is the same. Bricks and mortar has to be more in tune with the needs and wants of its customers. People are not just going to come, you need to give them a reason to come, and that is what we are delivering at QIC."
Sitting in the midst of Eastland, which features some outstanding architecture and artwork, it's hard not to talk Myer with Foster. It's where she first made her mark as an executive. It's also one of her tenants. Myer's tired old Ringwood store stands within the revitalised precinct.
I like to look at picture theatres. We were told years ago they were gone, the business was dead. Now, if you go along, they are humming.
Megan Foster
"I believe they have plans to invest in it," Foster says. "Look, I know times are tough with the department stores, but I look outside the overall headline retail spending numbers. Look at Just Group, with Smiggle and Peter Alexander, they are doing well because they have a reason for being. They have built a brand that resonates with their customers."
So, I ask, does Myer still resonate with customers? Foster smiles and points to the shop next to us. It's Mecca Cosmetica, the cosmetics chain run by Jo Horgan.
"You used to walk into a Myer store, and the cosmetics counter was the heart of the department store," says Foster. "Jo is ripping out that heart with what she has done. If I walk into Myer or a David Jones, and walk up to the Chanel counter, that staff member will only sell me Chanel. If I go into Jo's store, she not only has the best brands, but I will have a staff member who will take me across the whole store. She is giving me what I want as a customer. And her latest Mecca Maxima store is 400 square metres."
That last sentence alone will give Foster's old employer some food for thought.
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