Exploring Retail in the Health Care Setting
In the two-part Retail Dimensions of Health Care Report, we examine the ways health care facilities are approaching location in retail and community settings, as well as the ways retailers are leasing space in hospitals and other medical properties.
In Part II, we look at the location of retail facilities in medical settings, with a focus on hospitals. This report examines retailer and health system strategies as well as the case study of Northwestern Memorial Hospital in Chicago, which is on the cutting edge of successfully incorporating retail in a hospital setting.
Be sure to also read Part I for insights into the increased presence of health care in retail properties.
- The inventory of retailers that tend to locate in hospitals is relatively small, creating significant opportunities for retailers to target such locations.
- Hospitals can offer unique advantages to retailers, such as captive customer bases, long operating hours and large catchment areas.
- Retailers and health system owners who are succeeding at integrating retail within health care locations are satisfying three key considerations: pricing, profitability and design.
- For health system owners, creating the right retail mix requires the evaluation of several criteria, including how to effectively design and use space for retail operations and how to best serve a customer base that includes hospital staff, visitors and the local community.