Why Malls Are Targeting Heath Care Clinics As Their Next Tenant?

As shopping malls struggle to find more foot traffic as more retailers close their doors and pullout of their leases, they are looking for new tenants in the healthcare field. Health care clinics are reportedly becoming a more viable option for malls that want to fill space and increase revenue.

With a $3.5 trillion a year health care industry to cash in on, malls are trying to get a foothold in the industry as they look to tap into the market to fill the open store spaces that seem to be growing month-to-month, CNN reported.

Malls have reportedly seen the number of health care clinics that are taken up residence in their locations grow by a reported 60 percent in 2017. They are seen as a stable way to get traffic into the mall while getting customers to also buy from their other existing retail tenants.

In addition, these health clinics can provide more stable rent for mall landlords as they typically have higher credit ratings and want longer leases, according to the news outlet. Customers also benefit from the convenience of in-mall health care clinics as they offer a more affordable way to receive health care.

Malls such as Minneapolis’ Mall of America announced that it will open a 2,300 square-foot walk-in clinic at its location in November. The clinic is expected to have medical exam rooms, a radiology room, lab, and pharmacy.