Did you know that there are approx. 20,400 spas operating in the US with aggregate annual revenues of about $18.3 billion? With the economy in healthy shape, consumers are spending more of their disposable income on self-care. Consumers continue to invest more into their own health and wellness entering into a lifestyle choice that a majority of the population is embracing. Spa concepts such as Hand & Stone, Massage Envy and Elements Massage are some of the more known players in the space, however, much of the spa market share is dominated by small operators with only one to two locations. Most of these self-care concepts have adopted a membership-based consumption model which bodes well for repeating monthly foot traffic to the shopping centers of which these concepts lease space.
Consumers continue to invest heavily into self-care! This is a lifestyle choice that current consumers are taking more responsibility for now than ever before. Massage and Fitness concepts like Massage Envy and Orange Theory offer consumers a membership-based consumption model. The evolution of this membership-based consumption model bodes well for retail shopping center owners and the adjacent tenants at these properties, adding retail foot traffic ensuring repeat business and more consistent trips! The continued expansion of wellness brands is popular with landlords as self-care tenants are typically internet resistant, a large provider of daily visits, generators of foot traffic, and continue to appeal to a wide range of ages from young millennial’s to baby boomers. Fitness and self care concepts continue to warrant strong demand for space in strip centers and are great tenants for shopping center landlords.
About The Author: Jeff Dervech
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