WeWork Partners To Open Co-Working Spaces Inside Saks Fifth Ave Stores

Shared workspace startup WeWork is partnering with Hudson’s Bay Co. to open co-working spaces called SaksWorks inside select Saks Fifth Avenue stores.

The partnership comes at a time when many employers are debating work-from-home policies. It will see the opening of five co-working spaces across the Tri-State area next month, including the Saks’ flagship store in Manhattan. In addition, more such spaces are expected to be opened in suburban stores to attract workers who have moved out of cities.

The two companies expect to mutually benefit from the opening of co-working spaces inside Saks Fifth Avenue stores. WeWork, for one, has seen reduced occupancy and higher operating costs, with workers choosing to work from home out of fear of contracting COVID-19. Saks Fifth Avenue, meanwhile, has seen a decline in foot traffic much like other departments stores across the country, Reuters reported.

Both of the companies are thus taking creative approaches to keep their businesses running. Hudson’s Bay, for example, has put more focus on its eCommerce business and has reportedly partnered with fast-fashion retailer Forever 21, while WeWork has partnered with real estate services firm Cushman & Wakefield to create new hybrid and flexible places in partnership with landlords and other businesses.

Originally published at https://retailbum.com on August 10, 2021.