From Retail To Real Estate: The Benefits Of Investing In Drugstore Properties

Drugstores are among some of the top-earning and most consistent businesses worldwide.

Back in the day, the drugstore was where you would go to fill a prescription and get an ice cream soda to enjoy with a friend. But today, because of brand collaborations, this business transformed into a place where people can buy various lifestyle items, making it into a one-stop shop of sorts.

Recent data states that there are about 67,000 pharmacies in the US, and these businesses are flourishing more than ever.

Entrepreneurs looking to start a new venture may want to consider investing in a drugstore property since there are so many advantages to owning this type of business. Here is what you need to know about the benefits of investing in drugstore properties.

Guaranteed Stability

A drugstore business is stable because, just like food, people will always need medication to reduce pain, manage pre-existing health conditions, and stay healthy. Medicine is not a want but a necessity. A world without it is unfathomable, especially now that most of the older population is dealing with health concerns such as high blood pressure, diabetes, and kidney problems.

Apart from medicine, some health conditions require monitoring using devices only available in pharmacies or drugstores. For instance, proper diabetes management uses glucose meters to monitor blood sugar levels, insulin pens, and medication such as metformin. Having access to all of these can help a person with diabetes, and in turn, a reliable business that provides these items promptly can earn a stable income.

A drugstore is also a recession-proof business. While other businesses shuttered their doors during the last health and financial crisis, drugstores remained open during the height of the pandemic, and most even experienced an increase in sales.

Owning a drugstore with a recognizable brand like Walgreens requires a serious commitment to following standard business practices. It also needs owners to be prepared and invested to end this business. To learn more about Walgreens property for sale, you can visit Pharma Property Group.

Positive Contribution To A Community

Some businesses, like drugstores, can make a difference in a community. Those who live in towns or areas that don’t have a pharmacy usually have to travel to another town or a big city to access the medication they need. In some cases, having fast and easy access to medicine or medical tools can prevent medical emergencies or health conditions from worsening, so building a drugstore in a place without one can save many lives.

Not having enough doctors in a community can also be a problem. While some areas may have a lot of medical practitioners, it can be costly or even a hassle to seek advice for simple conditions such as a cold or a fever. But by having a drugstore in the community, one can consult pharmacists, the most accessible health professionals in the healthcare industry.

Pharmacists can help people to understand their health and how their medications work to improve their well-being. They can also provide real-time, personalized advice regarding the type of medications to take or avoid for specific conditions.

Moreover, they can support people to live healthier lifestyles by recommending vitamins and supplements and reminding them to develop healthy habits, such as eating a better diet. As such, drugstore property owners should make it a point to hire well-trained and licensed pharmacists since they play an essential role in the community and the business.

Drugstores can also benefit communities by helping people to prioritize their health. Owning a pharmacy means partnering with specific brands to offer free immunizations or vitamins at health centers. Drugstore owners can raise awareness about particular health issues through community programs or initiatives.

Have A Good Work-Life Balance

Being a business owner means having control over your working hours, thus, enabling you to spend more time with your family or pursue your hobbies and passions. Drugstores usually have set hours, so you can do other things and have an excellent work-life balance.

Having more time also means that you have the opportunity to gain more knowledge about the industry. You can attend pharmacy conferences or do market research to identify which products and medications patients and consumers require. You can also find ways to innovate and grow your business by adding in-demand products.

For instance, there is a huge market right now for skincare, with expectations to get even more prominent in the coming years. You can get a piece of the pie by having a few well-chosen skincare lines in your drugstore. Find ways to attractively display and promote these products to encourage customers to buy.

Preparing To Build Your Business

Once you open a drugstore, you must be well-prepared to ensure success. You must pick the right location – a high-traffic yet accessible area will be perfect for a pharmacy. You also need to identify a place where your main patient base is.

For instance, building a drugstore near a senior care facility may be the right move if you want to cater to older adults. Meanwhile, to tap into the Millennial and Gen Z market, consider opening a drugstore in a mall, near a school or university, or in a business district.

You will also need to have enough funds for the business, so if you need help with this, you should scout around to get a business loan. Hiring pharmacists should also be a priority if you aren’t one yourself, and you will also need to have a software system in place to help you keep track of the business.

To fast-track the whole process, look into buying an already established drugstore, such as a Walgreens NNN property lease. Doing so ensures a high traffic count, and you can be assured of exclusivity since no other drugstores or pharmacies are within the area of these businesses.

Investing in drugstore properties can be highly rewarding. Make sure to research to gain more knowledge about the pharmacy industry to have a lucrative business while positively contributing to your community.

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