Brookdale CEO Lucinda “Cindy” Baier (seated second from the right) spoke at the recent Graaskamp Center Spring Board Conference in Chicago, where she and other panelists explored the ongoing real estate bull market. The invitation-only group explored a variety of questions related to whether the current cycle is near an end, how much runway remains, and what businesses should be doing to prepare for what’s next.
Baier shared with the group that the single largest growth driver in the senior living business is the increasing number of retirees as well as the growth in people needing Alzheimer’s and other dementia care. She pointed out that Brookdale sits at the intersection of real estate, hospitality and healthcare. The company’s two largest challenges are oversupply in the industry at the same time as a tight labor market.
Baier said, “We have responded with a shift in our strategy to a local strategy that is driven by having the best people in the business to create the relationships that will encourage seniors to want to make Brookdale our home.” At the same time, the company is investing capital dollars in its communities to better prepare for new competition.