Thursday, July 12, 2012

MARKET TRENDS: Competition Heats Up As Senior Living Providers Prepare for Boomers

Providing plenty of choice for the coming generation of senior living residents seems to be a key component of differentiating communities and rising above the competition, and a Boston Globe article suggests that current residents in many communities are getting a first taste of what’s to come. 

That first taste, unlike in times past, won’t be Jell-O, says the article: 
Choice is the buzzword for a wave of high-end senior communities opening or expanding in area communities.
As the industry prepares for the aging baby boomers, it’s starting to practice on their elders, who increasingly demand more options and financial flexibility. The products are not just indoor swimming pools and granite countertops but also a la carte pricing that allows retirees to tailor their services.
“The traditional ways aren’t necessarily the best ways,” said Patrick McShane, a spokesman for the Groves in Lincoln, a $130 million independent-living development that offers residents the nursing or personal care they need to stay in whichever apartment or cottage they choose.
“As the boomers continue to age, this is certainly a segment of the population that is very used to having choice and being able to shape where they live and what they drive and what they eat, and that should never end.”
From wine-tastings and day spas to more flexible accommodations for couples who may require different levels of care, senior living communities are ramping up their product
offerings as they try to persuade older adults to leave their homes.

No comments: