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Wellness Tenants Critical to Retail Centers’ Health, report says

Wellness services, including spas, clinics and CBD-product merchants, are becoming cornerstone tenants that will be increasingly important to the survival and prosperity of retail centers, says Colliers International.

Photo Courtesy of ICSC.

“Wellness — the latest category of interest in retail — is set to become the mini anchor to backfill vacancies and reinvent the merchandising program,” Colliers says.

Among consumers across all generations, almost 75 percent plan to spend more on health-and-wellness products, while roughly a quarter say they will spend more on general retail, the report says.

Approximately 80 percent of baby boomers plan to spend more on health-and-wellness items, while nearly 20 percent say they will spend more on general retail.

The report even predicts there will be wellness “department stores” that offer a range of services and products.

72 percent of consumers surveyed said they would spend more money at a retail project that contained wellness concepts. “This data represents a strong synergy between fitness, shopping, healthy dining and wellness services.”

Peter Horvath, CEO of Green Growth Brands, stated they will have 100 stores at Simon and Brookfield Properties’ malls by summer's end.

Consumer spending on cannabis and CBD will grow by 129 percent, to upwards of $25 billion, by 2022 from where it stood in 2018, the report says.

“Health-and-wellness retailers are a perfect balm for what’s ailing shopping centers today,” the report concludes. “As with restaurants and cafés, the service and ambiance of wellness concepts are a critical component to the retail offering, one that cannot be duplicated online.”

2019 ICSC.

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