In recent years we’ve noticed a dramatic shift in the way consumers view healthcare. In an era of self-care and “treat yourself” mantras, healthcare is no longer seen just as treatment for an illness or injury. The meaning now expands to beauty, wellness, fitness, and more, and consumers are demanding these services be more accessible.
Today’s generation of consumers are more informed than ever before. They can now form opinions about their health in seconds, simply through a Google search, without having to make a visit to the doctor’s office. And according to CB Insights, the global wellness industry is worth almost $4 trillion. This means consumers are likely spending their dollars on preventative “wellness” measures long before going through a traditional healthcare system.
With an increase in vacant space in malls throughout the country, there is a glaring opportunity to transform these spaces to meet consumer demands through medi-retail collaborations. Most of the time, hospitals and health clinics are far away from the city center, with inconvenient parking, and long wait times for appointments. Malls and other retail settings make sense because of their location, ease of access, and dark anchor space, making it a win-win collaboration.
So, what do these medi-retail offerings look like? They come in all shapes and sizes. From pharmacy extensions and alternative health solutions, to dispensaries and boutique fitness centers, medi-retail opportunities run the gamut.
New Age Pharmacies
Goodbye stuffy doctor’s offices and clinics, hello neighborhood CVS. Drop-in clinics of the past are transforming from a doc-in-the-box perception to expanded, in-depth outpatient services. In 2018, 47% of U.S. millennials were already moving on from these outdated settings and experimenting with these new-age pharmacy expansions according to Sylus. And these concepts will only grow from here.
CVS’s HealthHub, located in Texas, is just one example of a new age pharmacy, dedicating 20% of the store to care, health products, and services. Patients can get vital tests and receive basic care for minor illnesses at the minute clinic. They even provide health-focused seminars on healthy eating and cooking with registered dietitians.
Feel Good Healthcare
With the definition of healthcare evolving, more consumers are looking for these types of services. From cosmetic dentistry and Botox, to women’s health, retailers can capitalize off of these types of medi-retail offerings.
Kindbody, a fertility clinic with locations in New York, San Francisco, and Los Angeles, offers fertility consultations, egg and embryo freezing, and more. Part of their mission is to make these types of services more accessible and approachable for women. Before clinics like Kindbody, fertility services were unaffordable, inaccessible, and unenjoyable.
Progressive healthcare is becoming more and more popular among today’s generation. Circling back to the informed consumers of today, and social media influencers serving as progressive healthcare guinea pigs, these avant-garde healthcare offerings will be buzz worthy additions to any retail setting.
Next Health, a health optimization and longevity destination, gives consumers access to some of today’s most innovative medical technologies including cryotherapy, food sensitivity testing, DNA testing, and more. Modern health centers like Next Health empower consumers to take their health into their own hands.
Malls to Medicine Lunch and Learn
The opportunities don’t end here. There are endless ways make a development more relevant for today’s consumer. Incorporating medi-retail offerings into vacant retail space not only adds immediate value today, but it will also lead to a long-lasting reputation for years to come. Schedule a lunch and learn with NELSON experts to discuss these opportunities.