A hotel near the Boston area was recently sold in a public auction to another hotel production company. After accounting for renovations and demolishing parts that need to be removed, the new owners have stated that they will be converting the hotel–about 120 rooms–into a senior living community and assisted living facility.
They stated that they were doing this because the town that they are located in has a significant unmet need at this time. Seniors simply do not have enough housing–or many other resources–in the Boston area. Creating more housing is a good way to support the senior community and even draw in other companies that are looking to help, too. There’s a huge unmet need in this area, and capitalizing upon it not only helps the elderly people that live here, but also helps businesses and the overall economy to grow, too.
This isn’t a surprising thing. In fact, it’s actually part of a growing trend that we are seeing happen all over the country. It doesn’t matter what industry the business primarily focuses on; there is a lot of room for growth when it comes to doing business with the senior community. Senior care and other related businesses are big money, and there’s a huge demand for more services that cater to the elderly. It’s not greedy to move into this line of business as long as the service being offered is a high quality. And that’s exactly what a lot of companies, both private and nonprofit, are currently doing.
Take the technology sector as an example. For a long time, major companies were not focusing on this area and it was only smaller companies that were creating apps and other pieces of technology geared primarily toward seniors. But now, even Apple, one of the biggest companies in the world, is creating products with a focus on the elderly. It’s a huge shift in focus and highlights just how big and important this demographic really is.
More and more companies, both public and private, are moving toward products and services that are geared toward helping senior citizens. They are doing this because the senior population is much larger than ever before in history–and it’s only going to continue to grow. The Baby Boomer population–that group of individuals that was born in the years following World War 2–is continuing to age. As this population gets older and requires more and more active attention, the need for care and care products is only going to grow. Companies that are looking to help a large number of people and make a profit at the same time are embracing a huge opportunity by pursuing the senior sector.
Using some caution when looking at services for seniors is always prudent. Not every product is going to be helpful. And even if it’s a high quality product from a respected company, that doesn’t necessarily mean that it’s right for your family’s needs. Do your research and focus on the products that are going to benefit your elderly loved ones.
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