FMX Urban Property Advisers’ Nick Symons and David Justice, two of the UK's best-known retail and leisure advisers, are celebrating 30 years working side-by-side with international landlords, developers and occupiers.
CoStar News caught up with them to reflect on the changes they’ve witnessed in the retail sector, their key influences and how they are now preparing for a next 30 years of business.
Initially joining forces in 1994 as part of the Blair Kirkman retail team, the duo eventually became equity partners, before agreeing to sell to Savills in 2006. Just under four years later they left to form MMX Retail alongside fellow Blair Kirkman and Savills directors David Jinks and Kay Harriman. After establishing MMX as a leading niche retail and leisure agency, the pair then instigated a merger with well-known investment agency Fawcett Mead in 2023, to create consultancy firm FMX Urban Property Advisers.
Staying together for 30 years is something that eludes even the most successful partnerships, so what is their secret?
"Like any good long-term relationship, it’s needed to be harmonious and respectful, acknowledging each other’s strengths and weakness, whilst also being collaborative and supportive – both in our business and personal lives," says Symons, adding that there’s also been a "lot of tolerance shown on both sides".
Justice says that despite being very different people, with differing approaches and strengths, they come at every client project with the same shared aspirations and goals. "We complement one another and offer our client's different perspectives."
Along the way there have been key influences that have inspired client deals and corporate decisions.
Chris Blair, the duo's boss at the company where they cut their teeth, Blair Kirkman, has "undoubtedly been the most influential person for both of us," says Justice. "He led by example, but also made sure we worked and played hard."
Symons agrees: "Chris made sure we had direct client exposure, took responsibility and were accountable. Being encouraged to remember that clients have a choice when selecting their advisers, ensured we maintained Chris’ highest level of service. This is something we’ve continued to promote over the years and remains at our core with our FMX team today."
As often in property, a first big win lit the fire for the duo's relationship with the industry and their chosen retail sector. The first major instruction the the pair worked on together was bringing Claire’s Accessories over from the US, Justice recalls.
"The retailer bought a small chain called Bow Bangles, based in Birmingham, which was led by the true retail character, Mark Smith," he reflects.
Symons says it was an incredible instruction. "We took the chain from 16 shops to over 350 inside four years, between just four of us at Blair Kirkman. For two consecutive years, we bought 100 shops per year."
Justice says it is important to bear in mind that this was happening at the same time as the proliferation of first-generation mobile phone shops. "It had to be and was a very co-ordinated account, with solicitors, project managers, HR etc. We also negotiated a bonus fee, if the shops hit agreed turnover target at the end of its first year’s trade – we’re very unlikely to see an acquisition programme like that again in terms of volumes."
Symons says that while the speed of expansion wasn’t unique at that time, the duo was able to secure Claire’s market dominance in its category with no competition. "Landlords wanted us in every venue, as part of their tenant mix. And now, despite the challenging business environment since that expansive period, Claire’s continues to be a relevant part of many shopping locations across the UK and appeals to a wide audience."
Retail and real estate have clearly been through a number of market cycles during the duo's careers, springing a number of surprises and leading them to pick up experiences they have used to capitalise on opportunities.
"It’s certainly been a real rollercoaster, shaped by financial crashes and the impact of the internet on how we shop, but also our day-to-day lives with Covid and Brexit," says Justice. "As advisers this has meant we’ve needed to be agile to react to these fundamental changes, but also nimble to respond to the new opportunities created. Our model has always been to ensure flexibility within the business, but with our clients’ best interests at the heart of everything we do."
Symons agrees and reflects that it’s quite remarkable that the duo both still look so young because of it.
"The word ‘retail’ has also changed beyond recognition during this period which was reflected in our name change when we launched FMX Urban Property Advisers in 2023. When we started our job description was ‘Shop Agents’ but if we listed every property type that we are now involved with, we would have a very long job description."
Along the way there have been a number of joint deals the duo remember proudly but one stands out.
"It’s got to be centre:mk in Milton Keynes," says Symons. "We have now been involved for more than 14 years and we were recently reappointed on the UK top 10 scheme by Federated Hermes.
"Over that time the shopping centre has strengthened its position within the region and its top 10 position in the UK. Key successes include the arrival of Primark, H Beauty, TK Maxx and the curation of the Premium Quarter with The White Company, Rituals, Reiss and recent additions Mint Velvet and Space NK."
Justice agrees: "Yes, it’s been a very strong, long-lasting and fruitful relationship – just like our own. With AustralianSuper selling their stake last year, the next chapter now begins, with us retained to deliver on an exciting leasing strategy for Federated Hermes and the new joint owners Royal London."
In terms of advice they would pass back to their younger selves, Symons says he wishes they had bought shares in Apple.
Aside from that sage advice, Justice says the duo could have also taken more time to enjoy the journey. "It’s not just about the destination. That said, we have been fortunate to work with like-minded people who have shared our enjoyment of the ‘work hard, play hard’ philosophy."
The focus at FMX is on building a blended team now, something both feel is crucial when tackling today's market.
"It’s crucial as a consultancy business that we have a broad perspective on all advice. We have never been the sort of consultancy that says what we think the client wants to hear, so we’ve always looked to ensure we provide diversity of input from within our team so we can offer honest, practical advice," says Justice.
"Absolutely," Symons agrees. "We fundamentally believe that property remains a people-centric profession, so it’s crucial our team are effective networkers, who are also strong ambassadors for our business but also the clients we represent. You can’t do our job sitting at desk, five days a week."
In terms of the current movers and shakers in the retail market, from an occupier perspective, and how that is likely to evolve over the next five to 10 years Justice point out that there is lots of commentary about consolidation and owner occupiers, like Ikea, via Ingka, and Frasers Group.
"This is nothing new – we previously saw Boots Properties building shopping centres, Tesco, Sainsbury’s and M&S developing out sites and John Lewis still own a lot of their own stores – we’ve just not seen it for quite a while on this scale."
Symons says Next and M&S remain two of the bellwethers of the health of many locations.
"Both have experienced mixed trading periods over the last 30 years but have adapted in true Darwinian style thanks to strong, focused leadership at the helm, enabling them to navigate the usual retail currents and react to unforeseen challenges such as Covid, Brexit etc. to ensure they have been resurgent."
Symons says that as the rapid evolution of retail continues, with most brands now starting life online, there will also continue to be the successful and established pure-play businesses – like THG, Gymshark, Sosandar and Amazon – expanding into bricks and mortar to offer their shoppers the "more direct and experiential brand access that online cannot deliver".
So how do they celebrate success together these days after 30 years in business?
"Unfortunately, not like we used to," laughs Symons. "This has been partly as a result of the suffocating corporate governance, but also time commitments."
Justice adds: "We now tend to celebrate deals collectively as a team, and always look to do something a bit different and fun – whether that’s canoeing down the Thames and trying, unsuccessfully for some, to stay out of the water, rustling up our own lunch via a cooking masterclass, or wine tasting on a local vineyard. Our FMX first anniversary party last March was also a great way to celebrate our recent achievements as a team and to say thank you to our loyal clients."