Over the last decade, the face of retail has undergone a significant overhaul. From downsizing storefronts to big box foreclosures and eCommerce moving to physical locations, retail as we know it has taken many different facets over the years. Now, the newest change to retail is coming from the healthcare space.
As the public continues to demand better access to healthcare, patients want medical care to be available on their terms, meaning better locations and flexible hours. With retail centers in convenient locations, medical professionals have turned to these shopping centers to develop urgent care clinics, freestanding ER’s and medical practices.
In addition to the convenient locations, former retail boxes generally have large parking fields that are an attractive buy for healthcare users and their patients. Typically, many of the traditional medical facilities lack abundant parking which makes it tough for patients and makes going to see your healthcare provider a big ordeal. Vacant retail also provides excellent benefits to the healthcare providers. These locations typically have good visibility from the roadways, allowing for sort of “free marketing” to potential healthcare customers.
Thus, starting the revitalization of the healthcare sector.
According to Accenture, at the end of 2017, there were an estimated 2,800 medical clinics in retail spaces across the United States. That number continues to grow at a steady rate. With this concept of a healthcare plaza, consumers can visit their healthcare provider, receive a referral to a nutritionist in an adjoining grocery store and even fill prescriptions at a nearby convenience store. Our team expects to see the number of healthcare tenants in retail locations double by 2022 as the industry moves towards this idea of ‘one-stop-shop’ healthcare.
Managing Director, Brokerage Services