Over more than 20 years, MyEyeDr. has built a footprint of vision centers in the U.S. that spans more than 840 locations in 27 states. The company has its sights set on more growth, now focusing on site selection.

To date, MyEyeDr. has assembled the bulk of its locations through acquisitions. It buys an existing practice and takes over the management of day-to-day operations, allowing the optometrist to focus on what they do best, caring for patients. More recently, the firm has launched a de novo program, in which it finds a location first and then hires doctors and staffs and attracts patients.

The program gives the firm another avenue for expansion, particularly in markets that offer limited opportunities or harbors barriers to acquisition. “We like to have both levers to pull so that we can be flexible depending on what makes the most sense in a specific trade area that we want to be in,” said vice president of real estate, construction and facilities Mike Kormelink.

MyEyeDr. opened its first two de novo locations in 2023 and expects to have opened 10 more by the end of 2024. It plans to open 20 de novo locations in 2025 and about 50 vision centers per year after that through a combination of de novo locations and acquisitions of existing practices.

Choosing Metro Areas and Then Particular Retail Settings

The company’s de novo program pushes site selection to the forefront. When it acquires an existing optometrist, it inherits the existing customer base. Starting practices from scratch necessitates a sharp focus on locations that can attract new clients, that are convenient, highly visible and in the path of existing traffic. The company is targeting retail locations versus the traditional medical office buildings and looking for spaces from 1,800 to 3,000 square feet.

The concept can go into both inline spaces and out parcels. Co-tenants it likes are upscale and strong conventional grocers, as well as national fast-casual brands like Starbucks and Chipotle. “We do pride ourselves on creativity,” Kormelink added. For example, MyEyeDr. recently leased a freestanding former jewelry store. “We have a lot of flexibility on the real estate side, provided it’s well positioned to serve the right customer,” he said.

MyEyeDr. is taking a disciplined, top-down approach to site selection, first selecting metro areas where it sees opportunities based on demographics, existing brand awareness and the ability to hire and partner with good local eye doctors. “We use a couple of different analytics tools internally, and we work with the broker network to identify the right target trade areas and prioritization of those trade areas,” Kormelink said.

Making It Easy for Customers to Use Insurance

MyEyeDr. CEO Sue Downes co-founded the company in 2001. She has spent her career working in the optical industry, starting at the front desk of a local optometrist’s office fresh out of college and then moving into vision insurance. She recognized early on that making the insurance process easy and efficient had a positive impact on the patient experience and generated more business for optometrists. “We think of ourselves as a healthcare organization that’s built on the idea that we can deliver vision care in a new way,” said Kormelink. “We really try to make things as easy as possible for our patients so that they can get in, get the care they need, get the product they need, realize the benefit of their insurance and move along with their day.”

My EyeDr. pairs vision health and products like contact lenses and eyeglasses and accepts all types of vision insurance. It also works with insurance providers to offer services and products that help patients maximize their insurance benefits. “Our business is really health care focused, and we bring those three pieces of the industry together with doctors, insurance and the products that people need to improve their eyesight or make sure they can go about their daily life,” said Kormelink.

The company also combines its doctors’ expertise with technology to aid not just with prescriptions but also with medical care. Though more than 60% of U.S. adults wear glasses, technology and routine eye exams also can detect more than 250 eye diseases and conditions in the early stages. “We’re a big advocate of making sure people take care of themselves from an optical perspective, not only because vision is important but because it’s a really important piece of your overall wellness and health care,” said Kormelink.

Working with Landlords

Vision care is an established category with plenty of local and national competitors, but MyEyeDr. is garnering attention from landlords for its track record, brand recognition and reputation as a strong operator.

“MyEyeDr. checks all of the boxes for Regency, said Southeast region managing director Andre Koleszar. “They enjoy strong financials that allow for investment in new stores, they provide steady foot traffic and they provide a vibrant shopping experience that we seek out in our premier centers.”

Regency Centers has had a 20-year relationship with MyEyeDr., which currently occupies space in 23 Regency properties across the country. “Some great examples within the portfolio are at Pablo Plaza in Jacksonville, Florida, where they had a grand reopening after a relocation within the center,” said Koleszar. Among other operators at the center are a roster for full healthy living, he said: Ideal Dental, Define Jacksonville fitness studio, Whole Foods and Hand & Stone Massage and Facial Spa. Regency has MyEyeDr. amid a similar merchandising mix at centers like Village District in Raleigh, North Carolina and The Crossing Clarendon in Northern Virginia outside Washington, D.C.

“MyEyeDr. offers higher-end exams, including a virtual option, which is very tailored to each customer,” said Regency senior manager and national retail specialist Jess Hurst. “This personalized approach is a differentiator, especially applied across their many locations. They also have some interesting optometrist programs and recruit in advance of graduation, which has helped fuel their ability to grow by attracting strong and loyal talent early.” Regency Centers also developed a strategy with MyEyeDr.’s legal and leasing teams that has helped to expedite leasing negotiations.

Resilient Business Model

Despite stiff competition for available space as retail vacancies sit near historic lows, MyEyeDr. has been executing on its expansion goals. “They’ve had a ton of growth over the last seven or eight years,” said Bradley Buslik, a principal at H&R Retail. “It’s been shot out of the cannon, and they’re really on the forefront of this particular category.”

Buslik started working with the company in the Washington, D.C., metro area a decade ago, when it had fewer than 60 locations. In that area, MyEyeDr. has become the preeminent vision care provider in traditional shopping centers and in lifestyle centers, as the brand resonates with customers and is a trusted operator, he said. Landlords also like the range of brands and price points MyEyeDr. carries. “They offer something for everybody, and what’s universal, no matter what unit you go into, is the level of service you get,” he said.

The company also offers solid financial backing. Goldman Sachs Group Inc. bought MyEyeDr.’s parent company, Capital Vision Services, in 2019. In addition, MyEyeDr. has the flexibility to structure deals to appeal to an institutional landlord or a mom and pop property owner who might be motivated differently, noted Kormelink. “The risk profile with MyEyeDr. is dramatically different than a new franchisee or emerging brand that’s going into the metro area.”