The death of the shopping center has long been lamented but a Colliers International report also shows that 75% of those surveyed plan on increasing their wellness spending, suggesting that health and wellness stores, often disregarded as anchor tenants in retail shopping centers, may finally be coming into their own. Sales of cannabis and CBD products alone are expected to jump more than 100%, according to the report, to $25B between 2018-2022. Not all of these purchases are going to be made online as some wellness spending is experience-based, like massages, facials, and spa treatments.
Convenience and Sustainability
A GlobalData report suggests consumers are into the idea of one-stop shopping for wellness items in retail settings. Retail centers can provide a synthesis of complementary businesses like health and wellness, fitness, retail, and dining establishments. Consumers may appreciate the convenience of making a single stop to meet all of these needs; in addition, it’s more environmentally friendly to make a single stop instead of driving to, say, four separate locations around town to complete the same purchases.
Putting Real Estate Development Plans into Action
These changes drive important considerations for commercial real estate firms and real estate developers looking toward future retail shopping center investments. Consider planning ahead to meet this increased expectation of need for retail space by adding space or converting space within larger retail environments. Think about what kind of aesthetic or structural characteristics complement wellness theme. As complementary businesses band together for omni-channel shopping experiences (e.g., Orangetheory and Hy-Vee, for example, where fitness centers are opening next to supermarkets), they will have unique real estate needs. Tenants who are open to these kind of strategic leasing arrangements can include big name retailers as well as health care clinics, spas, and boutique fitness centers – nationally known brands as well as smaller, independent businesses.
How Can Civil Engineers Help?
Work with a civil engineering firm to ensure project developments meet tenant needs and expectations. Civil engineers bring added benefits because of their insight into the role of environmental impact and design in successful real estate development; a physical setting and structure that’s complementary to health and wellness values can entice both health and wellness tenants and customers. Considering these projects now can position real estate developers to move quickly on capturing wellness tenants who are in need of space in response to consumer demand in the new year. Contact CenterPoint Integrated Solutions today to get the best of a civil engineering firm and a commercial real estate firm all in one.