Welcome to another edition of Fast Five - our fortnightly series where we ask Victoria’s most influential business people five simple questions to understand the inner-workings of their operations.

Stan Liacos has an impressive resume of development and growth including at the City of Greater Bendigo, the Geelong Waterfront development, Melbourne Docklands Authority, Regional Development Victoria and the development and founding years of Federation Square. Now the Chief Executive of the largest public marketplace in the southern hemisphere, the Queen Victoria Market (QVM), Mr Liacos is gearing up to transform the heart of Melbourne’s inner north.

#1: How has COVID-19 impacted the QVM?

The pandemic continues to impact QVM through a significant reduction in visitation and revenue streams for the Market and its 720-plus day and night market traders.

We continue to be tested by ongoing community anxiety, restrictions on customer travel, density limits and the previously unimaginable loss of city workers, tourism, and major events.

As the largest public marketplace in the southern hemisphere, the QVM serves a metropolitan catchment, not a local audience alone, and have for more than 143 years, hence the degree of impact on our business.

Annual visitation went from a recent record estimated 10 million in 2019 to 5.5 million in 2020 – a drop of 45 per cent.

Throughout the pandemic, our highest priority has always been to support and retain traders through substantive rent relief and other support measures, and by keeping the Market open to ensure the ongoing viability of business.

#2: What does the QVM need to achieve greater success?

The pandemic exposed challenges that had been emerging regardless. We must reposition ourselves to:

• Be less reliant on tourism in the non-fresh food parts of our market
• Continue to develop online sales and home delivery platforms
• Continue to attract younger audiences through more public events, new retail formats and eateries
• Develop more inviting places in which to sit, eat, drink and hang-out
• Improve safety and some of our outdated costly historic business logistics and practices through new facilities and spaces

This all needs to be done while guarding our raw market authenticity and historic aura.

Despite the challenges of 2020, our Business Recovery Plan remains on track as does our $260 million refurbishment and redevelopment plans that remain as relevant as ever.

No change is not an option at the QVM.

#3: What do you think is needed to boost opportunity for Victorian business?

Victoria must firstly resume a degree of calmness and consistency.

Last year shook the community and a lot of us in business. Once we have drawn breath, we should resume the agenda that had been serving the state well prior to the pandemic, including a focus on domestic and international education, new business development and attractions, major investments in public infrastructure, and supporting the growth of our major regional cities.

#4: What do you feel has been the greatest accomplishment of your career?

I have enjoyed working with many clever and committed people and afforded the trust, freedom, and mandate in most of my leadership roles to get things done and help make good things happen.

From my time leading the development of the Geelong Waterfront, to participating in the development and the initial running of Federation Square, to the City of Greater Bendigo where I relished ten fun years, to Regional Development Victoria for a stint, and now the QVM - I have always enjoyed working with other sharp shooters to drive tough but necessary change for the benefit of the community and civic pride. Developing great new facilities and attractions and being entrusted to support and lead people is challenging, but immensely rewarding.

#5: What is a piece of advice that has motivated your success?

I loyally rode shotgun with two marvelous CEOs and friends for 18 years of my career in three different leadership positions before feeling ready and given the opportunity to take the reins myself. The two were markedly different people but both fabulous mentors and unwavering moral beacons.

I have long enjoyed Aristotle’s: “There is only one way to avoid criticism - do nothing, say nothing, and be nothing.”

Churchill’s quote has inspired me too with: “You will never reach your destination if you stop and throw stones at every dog that barks.”