Big opportunity for healthcare to fill
3 considerations that help gain a competitive advantage
Data-driven + real estate strategies = profitable clinics + closer to patients
You have read it in the headlines and seen it on the streets: retailers are reeling in the wake of COVID-19. In addition to a major drop in revenue, “non-essential” retail businesses have conducted staff layoffs and have come up short when it comes to paying rent. Concurrently, owners and landlords are encumbered with unoccupied spaces, a drop in rental income and a slew of tenants looking for a way out.
Enter the healthcare industry
The impact of the pandemic on the retail environment is an opportunity for healthcare providers to reach more of their patients closer to where they live. Healthcare tenancy in retail settings was already on the rise, growing from 19% in 2013 to 24% in 2019. In addition, over the last 12 months, 69% of adults have received healthcare in a retail setting across urban, suburban and rural markets. The type of care provided in these settings varies between primary care, dental, specialty care, diagnostics and emergency/urgent care.
Top considerations when choosing a healthcare provider in a retail setting
Source: ICSC Report, "Health-care Tenants Encourage Retail Center Visits."
As healthcare providers look to their ambulatory network to provide a bright spot for revenue growth in 2021, there are three important actions they should take:
- Analyze claims data, demographics and real estate market data to build smart expansion strategies
- Understand the likely impact of your presence on adjacent retail while addressing consumer preference for convenience and efficiency
- Use predictive analytics to make data-driven, location decisions to ensure long term success
There is considerable space for healthcare providers in retail – how quickly will you get there?
For more information on how to build a data-driven, ambulatory retail strategy, click here or call +1 872 201 1305 to contact your partners at JLL Healthcare.