After 14 years of helping young professionals in the retail real estate industry develop their skills, grow their networks and otherwise solidify their careers, the ICSC Foundation’s Mary Lou Fiala Fellowship is coming to a close. But Regency Centers, which financed the original fellowship, will continue its support of mentorship for midcareer women real estate professionals with the new Lisa Palmer Fellowship in recognition of Regency Centers’ president and CEO.

LEARN MORE AND APPLY: Women ages 25 to 35 can apply for the Lisa Palmer Fellowship through Oct. 21.

“In my mind, it’s a way of honoring Mary Lou’s legacy,” said Regency Centers president and CEO Lisa Palmer, who herself was mentored by Fiala. “I wouldn’t be where I am today without her guidance, and I’m excited to keep that spirit of mentorship alive. When I speak to our new fellows, I can say: ‘This is why you’re here — because of her.’”

The new fellowship will continue to offer a year-long leadership and professional development program that prepares talented women for senior-level executive roles in the Marketplaces Industry. Its predecessor, the Mary Lou Fiala Fellowship, provided many young adults with mentorship and guidance in key areas like career advancement, salary negotiations and work-life balance.

2023-24 co-recipient Evie Gross shared: “Being paired with successful female mentors showed me examples of other women who have juggled families, work travel and being the only woman in the room. The combination of real-life examples and the confidence boost from being awarded this fellowship showed me that there’s a whole group of people rooting for me and who believe in me. That’s everything!” With the launch of the Lisa Palmer Fellowship, even more women will benefit from this valuable resource.

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The History of Regency Centers, Mary Lou Fiala and Lisa Palmer

The Mary Lou Fiala Fellowship, made possible by a $100,000 gift from Regency Centers to the ICSC Foundation, started in 2009 as a retirement gift for Mary Lou Fiala, and it came as a complete surprise. “My passion was for ICSC and for developing the next generation of talent, so it was the perfect gift, the nicest thing anybody could ever give me,” recalled Fiala, who also served as ICSC’s 49th chair.

Fiala’s career spans Macy’s Inc., Security Capital Group and Regency Centers. “I’ve been very fortunate to have wonderful mentors,” she said. One mentor at Macy’s met with her every Monday morning for an hour before regional director meetings to teach her business strategy, “things I hadn’t learned in college because I was a retail major, not a business major,” Fiala recalled. Security Capital Group founder Bill Sanders also played a pivotal role. “He had a vision for the person he wanted to help run his retail REITs and ensured I was well prepared,” Fiala said. For 18 months before assuming the role of managing director, she attended investor meetings, visited the New York Stock Exchange and learned about the capital markets side to complement her retail knowledge. By then, “I knew the business and the people inside and out,” she said.

At Regency, Fiala made it her mission to pay that mentorship forward. “I saw so many talented people, particularly women, who had this perception that moving up was out of reach, especially in a male-dominated industry,” she said. “They didn’t understand how to navigate it, and I wanted to help them realize they were capable of much more.”

Mary Lou Fiala’s Best Advice

“Know your own strengths and weaknesses, and be honest about it.”

“Take time to reflect on where you want your career to go. Ask yourself: ‘What’s the next step I want to take?’ or ‘Am I happy where I am?’ And there’s nothing wrong with that, being content is perfectly fine. It’s important to look at your whole life, not just your career. When I was working, I would often ask myself: ‘Do I want that next job, and what sacrifices will come with it?’ It’s crucial to think holistically, not just about the title or paycheck but how it fits into the bigger picture of your life.”

In addition to informal mentorship, Fiala hosted lunch-and-learn sessions and tackled topics about which her colleagues wondered. About 60% of the discussions were business related, she said, but they also covered personal topics from weight loss to being a working mom to navigating relationships with peers. “It was about anything that could help them feel better and happier in their jobs,” Fiala said.

One of the beneficiaries was Lisa Palmer, who later would become Regency president and CEO. Palmer was head of capital markets when Fiala first started mentoring her. “She was incredibly smart, hardworking and good at what she did,” but Fiala saw that Palmer, like all employees, could benefit from some guidance. “It started with me just saying: ‘Lisa, you’re brilliant, but there’s one thing you need to work on,’” said Fiala. “Because she was so smart, she didn't understand why everybody didn’t know what she knew.” Fiala remembered one opportunity to show the value of a softer side. “We were at an analyst meeting, and Lisa froze for just a second, totally out of character for her,” Fiala said. “I jumped in and covered for her, which gave her a moment to regroup. Then she jumped right back in and took over. I don’t think anyone noticed except us. It taught her how to help others in a gentle way and manage situations gracefully.”

With Fiala’s guidance, Palmer rose from senior manager of investment services to senior vice president of capital markets to CFO to president and CEO. Throughout her ascent, Palmer made it a priority to mentor others, including Amy D’Olimpio, now senior vice president of human resources at Regency. “When our former head of HR left, I was working with an interim director and I frequently turned to Lisa for guidance because I didn’t have a direct boss at the time,” D’Olimpio recalled. When the interim director didn’t work out and the company hired a search firm, Palmer urged D’Olimpio to apply. According to D’Olimpio, “Lisa told me: ‘Now’s your chance. If you think you’re qualified, you need to speak up. Don’t wait for someone to come find you.’” She got the job. “I often tell Lisa that if she hadn’t pushed me to speak up for myself, I don’t know where I’d be today,” D’Olimpio said. “She was the first to tell me: ‘Don’t just work hard and expect it to speak for itself. You have to take initiative and advocate for yourself.’”

Lisa Palmer’s Best Advice

“Be honest about your ambitions. Don’t just work hard and expect [your work] to speak for itself. You have to take the initiative and advocate for yourself.”

Palmer hopes the Lisa Palmer Fellowship continues to trumpet that message of empowerment that the Mary Lou Fiala Fellowship began. Both believe women need champions to help them climb the career ladder. “When you think about the challenges women face in balancing personal life and work, a lot of that peaks midcareer,” Palmer said. “If you look at the number of women in C-suites and REITs, it’s still very limited. While a lot of progress has been made, I don’t believe that we — and I’ll include Regency here — have provided all the tools and flexibility needed to pull women along.”

Palmer herself has signed on as one of the fellowship’s mentors. “That’s what I love to do,” she said. When Fiala asked Palmer to lend Palmer’s name and support to the new fellowship, Palmer ultimately agreed. “I’m not one for the spotlight, but if it’s a way to honor Mary Lou and a way to continue paying it forward, then I said I’d do it.” She added with a smile: “I hope there’s someone else at Regency who’ll pick up where I leave off when it’s time for this fellowship to come to a close.”