Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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INNOVATION 276 • SHOPPING CENTER BUSINESS • May 2016 SCB: Was that related to the PECO NOW program at all? Edison: PECO NOW was a separate initiative. We felt that we did not have as many women represented in the senior levels of our organization as we thought we should. That was the origin of PECO NOW. That initiative is specifically de- signed to get more women into senior management positions at the company, with the overall goal that we would make better decisions with a more diversified executive staff. SCB: How successful has that program been? Edison: We feel that we have had some real successes there. It takes a long time to see results with any new initiative. As I like to say, we are building a farm team and taking the time to build the players into the pros. We've been very successful with the talent that we've hired. Today, 50 percent of the associates in the company are female. We had set very specific goals for our leadership positions on where we wanted to have women in certain roles. From January 2015 through the end of 2016 we wanted to add two new vice presidents and assistant vice presidents. We've met those goals. SCB: What is the culture at Phillips Ed- ison, and why is it important for you to diversify? Edison: About 75 percent of our shop- pers are female. We don't have that kind of representation in our senior manage- ment ranks. Shouldn't your customers be represented in the decision process of your company? If you look across the real estate business, that is one of the things that we have not done well. As a group, we need to improve upon that. We saw it not as a problem, but as an opportunity for us to attract better people and create new leadership positions. Culture is a difficult item for any company. About 15 years ago, we brought a consultant in. That led to us attempting to define our culture; we had a lot of posters on the wall and things like that. At some point after that, we had an a-ha moment where we realized those posters were not the culture. The culture of the company is whatever our associates do at the company every day. It's how they treat our partners and our customers, and each other. We stepped back from the consultant-driven concept of culture to looking at what Phillips Edison really was, and who the people we were hiring really were. We wanted to know what they were seeing that inspired them to come work here, as well as what everyone brought to their roles. We noticed that we had a lot of hard workers; the people at PECO work a lot. We are also a group of people who are very connected to each other and to how the company operates. We found that most associates were aware of how their role affects the outcome of the company. If you are in accounting or property man- agement, we work really hard at connect- ing the dots so that you understand that • 3 Retail Centers Under Development First center to open November 2016 anchored by King Soopers. • 4 Additional Prime Retail Sites Available Strong trafc counts, available utilities and zoned for commercial development. • $109,000 Average Household Income and a population of 23,000 Income and population growing at a faster rate than the region. • Highly Educated 57% of Erie residents are college graduates. • Median Age 36 Growing families, young professionals, and active adults are drawn to our panoramic location, scenic trails, championship golf course, recreational activities and over 300 days of sunshine per year. ERIE COLORADO your customers are already here STAY IN TOUCH! DOWNLOAD OUR APP: Now Scheduling Appointments for RECon! Contact us at or 303.926.2769 For more information visit N S h d l i A ! w w w . e r i e c o . g o v / e c o n o m i c _ d e v e l o p m e n t erieCO@ICSC d

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