The sales of health-and-wellness products have been increasing, but will these tenants be able survive the COVID-19 crisis?
While their physical locations are closed during COVID-19, smart health-and-wellness tenants are staying afloat by maintaining online communities with newsletters and virtual classes.
However, service-oriented health-and-wellness tenants, such as massage and physical therapy centers, are having a tougher time bringing in revenue and may go under, experts said on a recent ICSC Connect Virtual Series episode called, “Responding to Consumers’ Vital Wellness Needs”.
Sales of health-and-wellness products have been increasing as Gen Z and Millennials are responding to brands that are focused on boosting your immunity. They’re willing to spend money on supplements, smoothies and prescription services.
In the post-COVID-19 world, expect health-and-wellness brands to collaborate under the same roof. That trend had been gaining steam before the pandemic and will become an even bigger one. A co-op structure will be very important for growing wellness brands. Such spaces provide health-and-wellness brands agility and flexibility.
We don’t know what we’re going to be facing here in the next 12-24 months, so you don’t want to make any big lease commitments. When it comes to expansion strategies, if there are ways to creatively test markets, test services, test the water with the consumers, it makes sense.
Other recent Virtual Series episodes available from ICSC:
· How retailers and cities can use outdoor space for reopening
· Top dealmakers on working from home
· Retailers want fulfillment help at their shopping centers
· COVID-19 liability for shopping center owners
· How to make your reopening a success