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Shopping centers fill their empty rooms with doctors' offices



Mall of America, Minneapolis, America's largest mall, announced last week plans to open a 2,300-square-foot walk-in clinic with medical examination rooms, a radiology room, lab space, and pharmacy services in November. Mall of America is working with doctors from the University of Minnesota and a Minnesota-based healthcare system to run the clinic.
The healthcare industry in the US has grown to $ 3.5 trillion a year, and retailers are increasingly trying to get involved in the booming market.

The concept of the Mall of America is part of a small but growing trend in which shopping mall owners rely on healthcare providers to revitalize their shopping malls.

While clothing store leases have fallen by more than 1

0% since 2017, the number of medical clinics in shopping centers increased by nearly 60% over the same period, according to Drew Myers, real estate analyst at CoStar Group. The growth in medical center leases in shopping centers has been "the strongest among all the major retail sectors in the past five years".

Landlords of shopping malls rely on patients who undergo a flu shot or an eye exam to also do so to shop clothes or electronics. Adding medical clinics also makes sense for mall owners as they call in doctors, nurses, and technicians every day to shop and eat in restaurants. This emerges from a research report of the real estate company JLL from May. Healthcare providers are also attractive tenants for malls' retailers, as they typically have a high credit rating and longer leases compared to other retailers, according to JLL analysts setting up outpatient foster care and preventative foster care for patients. Suppliers are increasingly turning to these lower-cost clinics to help patients avoid expensive trips to the emergency room.

"It's a nice symbiotic relationship," said Todd Caruso, senior managing director of real estate firm CBRE. "It suits both the hospital system and the owner."

  Mall of America in Minneapolis, the country's largest mall, plans to open a walk-in clinic in November with medical examination rooms and a radiology room. Laboratory and pharmacy service.

Caruso said shopping malls are unlikely to place medical clinics "between Lululemon and the Apple Store" as they do not cause a flood of customers. But clinics could help landlords replace parts of shuttered department stores.

"Which Class B or C mall does not have a wing that is either dark or a little drowsy?" he said.

& # 39; Medtail & # 39; Growth

Health clinics in shopping malls are an evolution of "Medtail" – the mix of retail and medical services.

Vaccines and flu shots, routine examinations and treatments for minor illnesses such as sore throat and fever. However, the malls will expand to include primary care, specialty care and the treatment of chronic diseases such as diabetes.

An example of the next level of health care in shopping malls: The Dana-Farber Cancer Institute plans to cover an area of ​​34,000 square feet in oncology and hematology facilities at the Patriot Place mall in Foxborough, Massachusetts.
  CVS plans to expand HealthHubs to 1,500 stores by 2021. </div>
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<p>  Like shopping centers, brick-and-mortar retailers are turning to the health care industry for growth. </p>
<div class= CVS completed the $ 69 billion acquisition of Aetna last year. CVS ( CVS ) has added MinuteClinic sites that provide primary care for throat infections or ear infections, and recently plans to rebuild 1,500 "HealthHub" stores to treat Patients with chronic diseases announced. These businesses include dieticians, nurses, lab services, and medical supplies on the shelves.
Meanwhile Best Buy ( BBY ) bought GreatCall, the maker of jitterbug phones with big buttons and bright screens for seniors. Walmart ( WMT ) also strengthens its presence in the healthcare sector.

Healthcare will be "more of a part of our work at Walmart," said CFO Brett Biggs in March.

– CNN Business & # 39; Tami Luhby has contributed to this article.


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