Former Neshaminy Mall Sears Part of National Trend of Repurposing Retail Locations into Healthcare Sites
The former Bensalem Sears in the Neshaminy Mall continues on its way to becoming a community medical center. The repurposing of dormant retail stores into healthcare businesses has become something of a national trend, reports Konrad Putzier for The Wall Street Journal.
Neshaminy Mall’s Sears closed in 2018, part of a nationwide series of store losses that preceded the brand’s eventual Chapter 11 bankruptcy filing.
The idea to revive fallen mall tenants as medical-service centers had its beginnings in the commonplace presence of urgent-care facilities and doctor’s offices aside Cinnabon shops and noisy arcades.
Economics makes the migration favorable. Malls offer ample parking, capital savings from sidestepping new construction, easy commuting, and plenty of foot traffic.
The pandemic deepened the trend. Retail businesses’ unfortunate collapses have increased the available commercial real estate properties. And hospitals have leveraged that inventory to move outpatient procedures away from their COVID-swelled censuses.
According to a Chain Store Age report, Colliers International, Toronto, is already overseeing leasing efforts on the medical center replacing the Bensalem Sears.
More on this real estate trend is at The Wall Street Journal.
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