Optometrist DANIEL TRACTON took a calculated risk in opening a greenfield practice in the middle of a lockdown last year in a highly competitive, upmarket Sydney demographic. It’s an experience he describes as not for the faint-hearted.
Construction on Tracton Optometrists, an independent practice based in the heart of Bondi Junction, took place during a snap lockdown mid-2021 – when the suburb was hit with NSW’s then-biggest COVID cluster, driven by the highly contagious Delta variant.
“We planned to open in early July, but we went into lockdown at the end of June, which resulted in a three-month delay in opening,” says Tracton, who established the business with his wife and operations manager, Ms Michelle Tracton.
“We opened three weeks before lockdown ended and could only provide critical care. It was a difficult balancing act,” he says.
But by late October – and out of lockdown with the state then 84% fully-vaccinated – he says the business was doing well. But it has been a process fraught with uncertainty and anxiety.
Tracton encountered significant challenges to open his own practice. While some factors were in his control, others were not. There was already an abundance of optometry practices, particularly corporate chains, in his chosen location – Bondi Junction. Piled on top of that were construction restrictions due to COVID, no government income support, and the considerable task of building a patient base from scratch.
Yet, he has managed to overcome these hurdles by establishing a point of difference with state-of-the-art technology, an on-site lens laboratory and focusing on meaningful relationships with patients.
“It’s been tough, but we have come out the other side. Setting up Tracton Optometrists has been a labour of love and although a challenge during COVID restrictions, it has definitely been worthwhile,” he says.
All roads lead to Bondi
After graduating with a Bachelor degree in optometry from UNSW, Tracton began his career working as a managing optometrist in two of Sydney’s most successful optical businesses in the mid to late 1990s – Prevue Eyewear (now part of The Optical Co) and AV Simon Optometry.
He completed an MBA at the Australian Graduate School of Management at UNSW before joining OPSM where he was responsible for buying lenses, contact lenses and contact lens solution for the chain’s Australian and New Zealand stores.
Within a few years, Tracton was promoted to group director for lens and contact lens products at Luxottica Retail. There, he was responsible for product strategy and profitability of these categories for OPSM, Laubman and Pank, and Budget Eyewear across Australia and New Zealand, totalling, at the time, 540 optical outlets.
After an eight-year stint with Luxottica Asia Pacific and OPSM, Tracton went “back into the trenches”, working as a principal optometrist at a Sydney practice, and added a postgraduate Certificate in Ocular Therapeutics to his resumé. In 2014, he was appointed principal optometrist at LensPro Optometrists in Bondi Junction.
Then, at the beginning of 2021, Tracton decided to strike out on his own, in Bondi Junction, in what can only be described as a highly saturated and competitive market.
The eastern Sydney suburb has two OPSM stores, two Specsavers stores, Bailey Nelson, Oscar Wylee, Bupa Optical, George & Matilda Eyecare, 1001 Optical, Carolina Lemke Berlin, HCF Eyecare, Optical Masters, and one other independent practice.
Tracton estimates Tracton Optometrists is the first independent optometrist-owned greenfield practice to open in Sydney’s eastern suburbs in 20 years.
He describes his decision to open a new practice in a location where he is competing with at least 13 others as an “interesting conundrum”, but it’s an area and community he knows well.
“I’m a Bondi local; I grew up here. My kids go to school in the area, and I’m involved in community organisations,” he says.
“Over the years the population in Bondi Junction has increased significantly and continues to grow with increasing residential high-rise accommodation options for all age groups. This provides a village-like environment within a regional shopping and health precinct. There is also a broad diversity of patients, from backpackers to executives.”
Tracton is also multilingual, giving him an advantage in communicating the French-speaking population in Bondi’s neighbouring suburbs, Woollahra, Paddington and Maroubra.
“I’ve always had a passion for languages, and it has been a real advantage in my optometry practice,” he says.
Setting up
Finding the right real estate wasn’t a difficult process. Tracton knew he wanted a street facing location, rather than a shopping centre. A former retail space with a “good street frontage location” became available when the previous tenant vacated unexpectedly.
Although the retail space was only 50-square metres, he engaged a designer who was able to visualise a bespoke, high-end but functional space.
The practice has partnered with leading lens suppliers Essilor/OSA and Tokai Optical, and has an onsite lens laboratory, which Tracton embedded as a competitive point-of-difference and to enable the practice to provide good service time and quality control.
While knowing he would be competing with established practices, Tracton didn’t expect to be staring down a pandemic while trying to get his business off the ground.
“It was challenging because sub-contractors couldn’t come on site, due to the lockdown,” Tracton says.
“There were mandated limits on tradespeople on site and requirements for each trade to attend separately, as well as a period of complete lockdown. This caused delays and challenges. Our shopfitter, Soho Projects, had to be very strict in the management and coordination of the on-site attendance.”
In addition to the time-pressure, Tracton also felt the pinch financially.
“As a business owner in NSW, we needed to prove a reduction in turnover in order to qualify for state government financial support in grants and rent relief. Although our delayed opening was a result of the COVID lockdown we did not qualify as we did not have a track record of trade. We fell through the cracks and couldn’t get any financial assistance.”
Prior to the snap lockdown, Tracton organised to have frames from several suppliers delivered to the practice in time for the anticipated opening.
Instead, confined to their home during lockdown, the frames were delivered to their home and Tracton and Michelle spent their days and nights cataloguing stock.
“We were able to log into our practice management software remotely, set up our retail pricing and formulate our marketing plans,” he says.
As the practice fit out was completed and Tracton Optometrists was in a position to open – albeit still during lockdown – Tracton promoted his new practice on social media and advertised in the local press.
Patients started making appointments, stemming from Tracton’s long-established community network.
“We were pleasantly surprised how it tracked. We’ve done a few things differently. As an independent practice we are prioritising long-term relationships with patients and providing continuity of care. We offer a range of products including high-end frames and specialty contact lenses as well as care for patients before and after cataract surgery,” he says.
“We invested in cutting-edge Nidek equipment, all networked, the latest Huvitz lens edger, a large lens inventory, low vision aids and other specialty hard-to-find optical appliances. We are really trying to go back to the basics of good quality community optometry. Not fast retail, but high touch, personalised eyecare.”
Although it is still early days in terms of business, Tracton says they are currently exceeding their forecasts and are pleased with their strong start.
“I believe that there is always a place for independent optometrist practitioners who invest in long term relationships and create a unique experience for patients. It is certainly not as easy as when I graduated as an optometrist in 1995 but the patients will always appreciate that you have the extra time to spend with them as an independent eyecare professional.”
