Interview with CEO Susan Lloyd-Hurwitz on The Constant Investor

Enjoyed this one with Alan Kohler and Susan.

https://theconstantinvestor.com/mirvac-says-goodbye-department-stores/ (paywall, $1)

Well, in fact the company has been doing so well ever since you took over in 2012.  I think you’ve achieved 8% or more compound growth in the share price plus dividends, of course, over that time.  A lot of the analysts’ commentary has been that the company is firing on all cylinders but as you say there are some headwinds, one of which is the interest rate coming down.  But, that as you point out has led to the share price being a discount to NTA which has enabled the buyback.
Exactly, and I would say that I haven’t signed off so many share purchase forms as I have in the last week for the five years.  Clearly there’s a lot of confidence from the people within the business as well as the board on the outlook.
The staff are lining up to buy shares?
Well I get to sign off the forms so I see staff activity.

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so it’s interesting about department stores.  Do you think they’ll stop at 5% or are we going to continue to shrink?
That’s discount department stores which are 5%, we have no department stores, so no Myer, no David Jones.  I think that’s probably a stable level at around 5% and again given the catchments that we are working within our discount department stores performed 25% better than the average discount department store results as measured by third party providers.
Right, that’s remarkable.  We’re talking Kmart and Big W.
Yes, Kmart, Target, Big W.
And no Myers and David Jones at all, is that deliberate?
No Myers.  Yes, I think department store is from a retail era of days gone buy and we’re very happy to have no exposure to department stores.