In recent years a lot of experts have predicted that the retail and healthcare industries would converge. Pre-COVID, retailers like Walmart, Amazon, Best Buy and CVS jumped on the bandwagon of leveraging opportunities in healthcare. But COVID-19 has quickly accelerated this trend to a new reality.
I’ve previously written about The Bogus “Retail Apocalypse,” where I highlighted New York-based DLC Management Corp. founder and CEO Adam W. Ifshin’s point of view on the generational shift of physical retail. His firm creates retail concepts that include medical offices off-siting facilities in malls with offerings including x-rays, radiological tests, minor procedures and other services. Elliot Nassim, President of Mason Asset Management was recently quoted in a Pymnts piece that “Today’s malls are not only anchored by department stores, but include entertainment, healthcare and fitness studios… This creates an exciting opportunity for the communities that surround these properties.”
The importance of experiential shopping isn’t anything new. I’ve written previously that Shopping Malls aren’t dying – they’re evolving. Malls are still considered a destination, but it’s often because they now offer amenities, experiences and entertainment to enhance the shopping experience.