the next generation of health care retail
enhancing your health care mission with retail...
| Six years ago, as a close friend dealt with his father's health crisis, Mike Marolt listened to his friend's concerns and frustrations. He was surprised to learn that some of his friend's questions could not be addressed with existing consumer-friendly healthcare technology. A 20-year veteran of consumer electronics retailer Best Buy, Marolt's response was that technology was being highly underutilized in this retail health and wellness category. He embarked on creating what would become eq-life, a cutting-edge retail experience integrating health, wellness and technology products and services with the purpose of helping people live healthier lives. |
Mike Marolt Founder, President & CEO, eq-life, LLC |
As Senior Vice President of Retail Operations for Best Buy Stores, leading
a department of 430 people in 600 stores, Mike was recognized for his
leadership strength, vision and operational excellence.¬ The
corporation endorsed additional research for this health and wellness
concept and Mike pulled together a small management team of
entrepreneurs and corporate colleagues specializing in research,
merchandising, branding, operations and store management. The team
worked for 18 months analyzing the current health and wellness
category, conducting formal research and talking to consumers about
what they wanted.
To extend their expertise, the management team secured partnerships with healthcare and pharmacy providers. Next, the team worked with manufacturers of innovative health and wellness products to establish a broad and deep in-store
selection. Healthcare-focused technology offerings were included. The
eq-life store experience included the special offerings of a pharmacy,
a spa and salon (requested by consumers), and a community room, for
exercise classes and neighborhood meetings. A coffee shop was also
added.
Concept Stores
The first eq-life store, a test concept and wholly owned subsidiary of Best
Buy, opened in February, 2005, in Richfield, Minnesota. The store was
recognized as a leader in the category, providing consumers -
particularly the chief health officer of every family - a broad range
of products, educational resources, personal consultations and
services.
Within the first year the new retailer established three test store locations
in the greater Minneapolis/St. Paul area, each in different retail
settings. New partnerships were formed, new product lines were added,
new marketing strategies were tested and new ways of expanding the
brand were explored. This process, which has continued in the company's
second year of operation, is in keeping with its format as a test
concept.
Throughout this process, research supported the strength and viability of the
brand and its value proposition as a trusted resource for individuals
and their families in their personal journeys to better health.
In the company's initial test strategy stage, Mike and his team were
approached by several of the country's leading hospital systems.
Executives at these systems had heard about the concept and were
impressed with the eq-life mission as well as the stores. Many asked
Mike to consider opening eq-life stores on their campuses.
Hospital Strategy
Additional research and work with several of the country's leading hospital systems that a significant opportunity exists to serve the thousands of patients, family members and employees of hospital campuses who want to become more customer-focused. The decision was made to focus on
hospital-based retail as the growth strategy for the eq-life brand.
In June of 2006, Mike became majority owner of eq-life, with Best Buy
continuing as an investor and key strategic partner. The
company continues to work with forward-thinking hospital systems looking for
a proven, customer-focused retail health and wellness resource.