Michael P. Glimcher,Chairman of the Board of Glimcher Realty Trust spoke at the TechColumbus 2011 Leadership Series meeting sponsored by Vorys.  Michael has been a trustee of the Company since June 1997, was appointed President of the Company in December 1999, and appointed Chief Executive Officer in January 2005.

Glimcher Realty Trust is a retail real estate investment trust (REIT) and a recognized leader in the ownership, management, acquisition and development of malls, including enclosed regional malls and open-air lifestyle centers, as well as community centers.  Glimcher Realty Trust, as the company has been known since 1994, is a public company and controls from its Downtown headquarters a portfolio of 26 shopping centers across the U.S. 

A Brief History

“I drove out here from Boston to visit a relative,” recalls Herbert Glimcher, who founded The Glimcher Company, the REIT’s predecessor, in 1959. “I had $50 in my pocket.”  The company began building fast food stores including McDonald’s and strip centers.  In the 1980s the company developed its first enclosed malls, including Indian Mound Mall and River Valley Mall, and has since built Polaris Fashion Place and acquired Eastland Mall. Since the company went public in 1994, Glimcher shifted from a focus of being a development company to being an operating company.  With this shift, it was important to change the company function, its leadership team and its culture.

Leadership in Tough Times

Fresh on the heels of the Great Recession, senior leaders are changing their perspective. They have managed their companies through a period of sustained and painful adversity. They have a heightened awareness of what makes sense — and what doesn’t — for their businesses.   They are keenly aware that success in the new era will require new skills and capabilities.

Michael talked about the tough economy and the tough lessons that allowed Glimcher to endure the economic crisis and position them for success going forward.  He shared some of his lessons learned over the past 15 years. 

Given the latest research by Gallup on employee engagement and the importance of working for a supervisor who cares, Michael’s emphasis on creating a nice culture is a differentiator for Glimcher.  What Michael calls “nice” is described by Gallup in the following questions (this list includes 4 of their 12 key questions to evaluate engagement):

• In the last seven days, I received recognition or praise for doing good work
• My supervisor, or someone at work, cares about me as a person
• Someone at work encourages my development
• At work, my opinions seem to count

In a world where we face a great deal of uncertainty in all areas of our lives, Glimcher promotes a culture of respect resulting in greater employee engagement, greater productivity and greater customer satisfaction.  All of these contribute to company sustainability and success.

As with other successful leaders, Michael has focused his attention on knowing his business, hiring the right leader and creating a culture and systems that promote effective operations.  Additionally, he built a company that supports the wellbeing of his associates and the community.  

What is next?  Michael is looking at “infill sites” and acquisitions as key drivers for the next 3-5 years.

For more information on Glimcher, http://www.glimcher.com.