What businesses are invading strip malls?
It’s the booming “self-care” sector, which focuses on wellness, health, fitness and beauty.
The self-care sector has caught on like wildfire in social media. It’s filling small and mid-size vacancies in both suburban and urban markets. When one category of self-care establishes itself in a mall, that encourages providers of other services to move in.
Many of these service providers offer monthly membership packages, which means that those businesses are more stable than those relying on ad hoc business.
Most of these concepts are franchise-based and a typical franchisee agreement lasts 10 years, and the vast majority are signing 10-year deals with two five-year options.