Message from the Chair
Peter McBride Chair
Trust is the backbone of our relationships with shareholders, tenants, customers, partners, and employees.
It’s built on transparency and consistent results.
As Chair of Sydney Markets Limited, I’m excited to present our threeyear strategic plan. The Board and management have reset the strategy to drive growth and ensure long-term success through to 2027.
This plan builds on our solid foundation with achievable goals centred on four key strategic pillars: People and Talent, Long-Term Value and Shareholder Returns, Optimise Operations and, Sustainability and Resilience. At the heart of these pillars is one essential factor - trust.
Trust will be reinforced through open communication and regular reporting, demonstrating how we are delivering value. Our governance frameworks are being sharpened, including a review of our constitution, to keep us agile and responsive to shareholder needs while driving future growth.
Our capital investment program will target short-term market share and long-term competitive advantage, while
carefully managing risks. Unlocking the potential of the Flemington site is a major focus with the redevelopment of the Parramatta Road frontage a prime opportunity. The ultimate goal is to create a dynamic marketplace.
We are excited with the prospects for Paddy’s Markets. The transformation of Paddy’s Haymarket with the addition of a high-end food and beverage precinct, and refresh of the retail strategy for Paddy’s Flemington will drive growth through an enhanced shopping experience and new customers.
We will also progress digital transformation to drive operational efficiency, stakeholder engagement, and sustainable growth.
Sustainability and resilience are central to our strategy, to ensure we manage operational risks and stay responsible. We will strengthen risk management, resilience and safety practices so we can reduce our exposure to and be prepared for disruptions, while
maintaining our brands and generating strong returns.
A plan to manage the environmental impact of market operations and promote sustainable practices is in development to reduce waste generation, water usage, and carbon emissions.
None of this is possible without our people. They are the driving force behind Sydney Markets. We’re committed to fostering a culture of excellence, innovation, and diversity, making sure we attract and retain top talent.
Your trust is our greatest responsibility, and we take it seriously. We’ll operate transparently and deliver on our strategic goals in keeping Sydney Markets a leader in fresh produce, sustainability and governance.
Together, we will build a future where Sydney Markets thrives and creates enduring value.
Message from the CEO
Bradley Latham CEO
Our mission is clear: to provide a dynamic, safe, and innovative environment that fosters competitive trade, effective distribution, and sustainable growth.
It’s an exciting time for Sydney Markets Limited as we look to the next three years. I’m proud to outline how we plan to create long-term value, realise growth opportunities, and most importantly strengthen trust with our stakeholders.
Trust is the foundation of everything we do - earned through consistent performance, transparency, and delivering on our commitments. Our 2024-27 strategy seeks to keep Sydney Markets a leader in the fresh produce and retail sectors.
Our strategic pillars — People and Talent, Long-Term Value and Shareholder Returns, Optimise Operations, Sustainability & Resilience are our commitments.
Trust is built through action. The strategic pillars are our commitments to drive growth, innovation, operational excellence, and confidence in everything we do.
Our people are at the heart of Sydney Markets. We want a diverse and engaged workforce that embodies our values. By embedding excellence in safety, customer service, and risk management, we will ensure SML remains a trusted industry voice.
To secure SML’s future we must achieve sustained financial performance by balancing revenue growth with cost optimisation.
Our ten year capital investment plan will prioritise high-return projects which yield adequate long-term returns while managing risk effectively. We will actively explore new sources of funding to support our growth and value creation goals. This may include options like strategic partnerships or green financing aligned with our sustainability goals.
The Flemington site masterplan is central to the strategy, particularly the rezoning of the Parramatta Road frontage, which offers significant potential. We want to capitalise on opportunities to develop a sustainable, high value asset.
Paddy’s Markets, the flagship of our retail strategy, is undergoing a refresh and reinvention to position it as a top destination for fresh produce and unique retail experiences, attracting new customers, while keeping our loyal base.
Digital transformation is not just a buzzword; it is a key driver for operational efficiency and growth. By investing in new technologies we will enable data driven decisions, streamline operations and
improve stakeholder interactions.
Innovation goes beyond technology. We are building a culture where creative thinking on new solutions is encouraged, driving growth through customer-centric experiences, streamlined processes and new revenue streams.
Our sustainability focus strengthens our growth prospects through investment in renewable energy solutions, waste reduction and embedding resilience across our operations to meet regulatory standards and community expectations.
In a world where disruption can happen at any time, resilience is critical. We are enhancing our risk frameworks so SML can adapt and thrive in the face of events such as market shifts, regulatory changes or operational incidents. This is not just about safeguarding assets, but also about realising opportunities as they arise.
This is a transformative time for Sydney Markets. With your support we will achieve our strategic goals to create value for stakeholders and strengthen the trust that binds us together. We look forward to keeping you appraised on our progress.
A strategy fit for the future
Realising sustainable value
Where we have come from
• Re-establishing post COVID
• Changing nature of retail and markets
• The Aerotropolis
• Strong intergenerational ownership
Factors impacting our future
• Emerging technologies and innovation
• Long-term climate change impacts
• Changing consumer preferences
• Impacts of disruptive events
SML positioned to realise benefits
• Prime locations
• Refreshed Board composition
• Stronger governance and risk management
• Recognised brands
Opportunities for SML
• Focus on shareholder returns to rebuild trust
• Unlocking more value from our assets and brands
• Improving engagement, efficiency and profitability
• Resilience and sustainability initiatives
How SML creates value
Notional Dividends
Opting to deliver notional dividends by keeping rents stable amidst rising inflation and costs
Valuable assets
Maximising the value of our sites through strategically aligned funding initiatives that drive commercial precinct development
Improved financial management
through sustainable revenue growth, innovation and productivity to optimise costs
Sustainability & Resilience
aligning with community expectations and regulatory requirements for sustainability while protecting our assets and people from disruptive events.
Recognised Brands
improving the penetration of our brands to enhance customer experiences, attract new customers and drive revenue streams.
Our Strategy on a Page
What do we want?
Where will we focus to drive our success?
OUR MISSION
Providing a dynamic, safe and innovative environment that supports competitive trade, effective distribution and growth
OUR VISION
To be the world’s leading produce, flower and retail market, by applying commercial and innovative leadership
STRATEGIC PILLARS
Our People & Talent
Long Term Value & Returns Optimise Operations Sustainability & Resilience
Enablers of our strategic priorities
What we believe in and how we want to behave
STRATEGIC ENABLERS
&
& CULTURE
OUR VALUES
Our strategic pillars
People & Talent
Greater transparency and engagement to build trust, confidence and diverse talent.
Optimise Operations
Enhance customer engagement, streamline operations, and optimise performance.
Generate Long-Term Value & Shareholder Returns
Unlocking the value of our assets and ensuring the viability of Sydney Markets.
Sustainability & Resilience
Manage the Markets’ environmental impact & achieve sustainable practices.
Our strategic imperatives
How we will unlock value in each pillar
People & Talent
Greater transparency, stakeholder and customer engagement to build trust and confidence.
Embed a culture of excellence in customer service, governance, safety and risk management.
Generate Long-Term Value & Shareholder Returns
Ensure the enduring financial viability of Sydney Markets.
Generate commercial returns on assets and investments in line with external market conditions.
Optimise Operations
Sustainability & Resilience
Create a program for innovation to drive growth and operational efficiency.
Achieve the successful reinvention of the Paddy’s Market Brand. Enhance the Sydney Markets brand to improve market positioning. 1 8 3 5 2 9 4 6 7
Manage the environmental impact of market operations and promote sustainable practices
Enhance SML’s risk management and resilience for potential disruptions, to safeguard long-term stability.
Our strategic initiatives - People and Talent
Greater transparency and engagement to build trust and confidence
Embed a culture of excellence in customer service, governance, safety and risk management
Stakeholder Engagement Plan
Develop and execute a plan that consolidates updates on customer service, governance, risk management, safety initiatives, and performance to strengthen trust and transparency with all stakeholders.
Culture of Excellence
Embed a culture of excellence focusing on customer service, governance, safety, and risk management to improve organizational effectiveness
Constitution and Advisory Councils Review
Ensure the constitution and advisory councils are aligned with SML’s objectives and future growth opportunities by reviewing their empowerment and alignment with stakeholder needs.
Workforce Model
Create a contemporary workforce model to support industry efforts, improve the industry’s value proposition, and enhance productivity
Stakeholder Feedback Loops
Collect and analyse regular customer and stakeholder feedback to inform continuous improvement in decisionmaking processes
Recognition Program
Establish a performance recognition program to highlight and reward outstanding contributions within the organisation.
Our strategic initiatives - Generate Long-Term Value & Returns
Unlocking the value of our assets and ensuring the viability of Sydney Markets
Financial Management Plan
Develop and implement a plan to manage revenue growth and cost optimisation to maintain financial health.
Governance & Oversight
Strengthen oversight and governance over capital management to balance return potential with risk mitigation.
Capital Investment Plan
Build a 5-10 year capital investment plan that prioritises initiatives with the highest potential for long-term value creation.
Value-Impact Assessment
Introduce an annual value-impact assessment to review and report how SML creates value for its shareholders
Asset Value Optimisation
Develop a plan to optimise the value of SML’s assets, including:
• Executing the Flemington site masterplan, particularly the potential redevelopment of Parramatta Road frontage.
• Aligning precinct improvements with appropriate funding strategies.
• Identifying and redeveloping underutilised assets.
• Monitoring potential developments arising from the Aerotropolis.
Our strategic initiatives - Optimise Operations
Create a program for innovation to drive growth and operational efficiency
Achieve the successful reinvention of the Paddy’s Market Brand. Strengthen the Sydney Markets brand
Digital Transformation
Implement a digital transformation strategy that uses data analytics, AI, and automation to enhance customer engagement, streamline processes and optimise operational performance.
Customer-Centric Innovation
Establish an innovation program focused on gathering stakeholder input to improve services and customer experiences.
Access to funds
Explore options for greater access to funding for projects that enhance SML’s assets and optimise performance while supporting sustainability goals
Sydney Markets Brand Strengthening
Develop and execute a strategic plan to elevate the Sydney Markets brand and explore partnerships to extend its reach
Paddy’s Market Reinvention
Achieve the plans for successful reinvention of the Paddy’s Market brand for Flemington and Haymarket. Use data analytics to refine marketing strategies and drive targeted campaigns for these markets.
Our strategic initiatives - Sustainability and Resilience
Manage the Markets’ environmental impact & achieve sustainable practices
Enhance risk management and resilience to be better prepared for potential disruption and safeguard long-term stability
Risk Management and Resilience
Execute plans to enhance SML’s risk management, safety, and resilience to ensure SML is prepared for potential disruptions.
Sustainability Plan Refinement
Further refine sustainability plans based on the final ERM report.
Sustainability Plan Implementation
Deliver and implement a sustainability plan that balances compliance, capacity, and net environmental impact. Realise benefits from investments in renewable energy solutions, such as the solar panel project.
Stakeholder Communication
Develop a strategy to ensure timely and effective communication with stakeholders (customers, suppliers, shareholders, and regulators) during risk events or disruptions.
Our vision for Sydney Markets in 2027
Our People And Talent
• Regular open communication with more engaged people
• Greater stakeholder confidence and trust
• Feedback loops provide insights that drive continuous improvements
• A modern workforce model with greater employee engagement and productivity
• Values led behaviour
• A culture of excellence with stronger performance in customer satisfaction, safety, governance and risk management
Long Term Value & Shareholder Returns Sustainability & Resilience
Optimise Operations
• SML creates sustainable value through consistent strong financial performance, strategic investments, transformative projects and community impact.
• Commercial returns from assets and investments contribute to the financial stability and growth.
• The Flemington masterplan unlocks value and growth, positioning it as a thriving hub/precinct enjoyed by everyone.
• SML secures more capital for projects that enhance value while supporting sustainability goals
• A strong culture of innovation and new technologies streamline processes, reduce operational costs and improve efficiency.
• Enhanced experience and engagement for shareholders, tenants & customers.
• Higher foot traffic, occupancy and increased sales in refreshed Paddy’s Markets.
• Effective marketing campaigns grow customer engagement & revenue.
• Improved branding and promotion of the renewed spaces boost market popularity.
• Strategic partnerships enhance the awareness of the “Sydney Markets” brands increasing the customer base and market share.
• Significant reduction in waste generation, water usage, and carbon emissions, improves SML’s reputation as an industry leader in sustainability.
• Energy-efficient practices and renewable energy sources lead to lower energy costs.
• SML’s risk management and resilience strategies improve disruption preparedness, support sustainable growth and value creation in a dynamic environment.
• Meet our regulatory obligations
• SML positioned as forward thinking and environmentally responsible.
Our values
Our values are the foundation of how we operate, ensuring a positive and inclusive culture that upholds integrity, success and value for stakeholders
Better outcomes together
Championing Safety & Excellence
Open & Inclusive Culture
Teamwork Safety Openness
We foster a collaborative environment where everyone contributes to shared goals. Together, we create stronger outcomes.
The well-being of our people, customers, and partners is our highest priority. We commit to maintaining the safest possible environments, which are never compromised in pursuit of excellence.
Open and transparent communication is the foundation of trust. We encourage a culture of open and honest communication and feedback at all levels.
Recognition Excellence Respect
We celebrate achievements and value lessons learned when things don’t go as planned. Recognising effort, successful or challenging fosters growth and continuous improvement.
We constantly seek new ideas and solutions to help drive growth and improve efficiency. We hold ourselves to the highest standards in service, quality, conduct and innovation.
We treat everyone with fairness and dignity. Respect is embedded in our culture and drives us to create an inclusive environment where diversity of thought and experience is valued.