How is COVID-19 impacting the community pharmacy real estate market? Natalie Sirianni describes the current situation
The question I have been asked from many pharmacists and pharmacy owners over the last couple of weeks, during this COVID-19 time, is: “are there many pharmacist buyers in the market at the moment?”
The answer is a very strong YES!
While I was uncertain about the impact of COVID-19 on the pharmacy business sales market, you would note my comments, per my previous Pharmacy Market Update, that businesses are still selling. There are many buyers that are keen to buy pharmacy businesses in the current market.
Our enquiry level and website visits for the last week were the highest I have seen all year (calendar year 2020). There was a slowdown in enquiries in late March and early April, when pharmacists were very busy on the frontline of this pandemic.
Since then there has been a steady increase, week by week, in enquiries from pharmacists looking to buy a pharmacy. As mentioned, the last week was our highest enquiry rate for the year!
A key reason behind this is that the pandemic has confirmed the view of many pharmacists that buying a community pharmacy is a solid investment, particularly in economic downturns. So far during this pandemic, we have seen the resiliency and the importance of community pharmacy.
We will continue to keep you updated regarding market conditions throughout the next few weeks and months. If there is anything in particular you would like us to cover in our articles, please let me know via return email.
Natalie Sirianni, is director of Attain Business Brokers. If you would like to discuss the pharmacy market in your area, please feel free to contact me at anytime on 1300 ATTAIN (288 246). I look forward to discussing with you further.
Take care and stay safe!