Increasing Demand for Retail Health & Wellness
By: Cheryle Powell – President, Sperry Commercial Global Affiliates, Rocky Mountain Associates
Colorado Real Estate Journal
Retailers and health care providers have responded to the evolving health needs of consumers for over a decade, but there is enormous room for improvement. There is not a single approach to retail health, wellness and medical retailization, however, with its neighborhood access, each project has the opportunity to create economically vibrant clusters focused on lifestyle.
Retail owners should be cognizant of the health and lifestyle driven formula by combining healthy dining options, wellness services, medical services and personal services. This fresh combination of retail use cannot be replicated in an online format. Reimagining and transforming dated centers into one-stop health and wellness centers provides retail investors stable tenants with favorable lease terms.
Colorado’s Front Range urban corridor is a regional hub for health and wellness. According to Metro Denver Economic Development Corp.’s Industry Report, “Demand for health care and wellness services is expected to increase due to a growing and aging population, a higher prevalence of chronic conditions such as heart disease and diabetes, and changes in residents’ behavior and lifestyle choices.” Retailers must respond to the growth trajectory and market demand in order to remain competitive and relevant. Navigating the competitive marketplace and determining success is daunting. Following three key strategies enables you to stay competitive and reduce vacancies, which ultimately yields higher return.