Saks Fifth Avenue Parent Teams
Creating a coworking space in a department store has never been easier. With the recent bankruptcy of Saks Fifth Avenue, Hudson’s Bay Co. is teaming up with WeWork to rebrand many of its properties as coworking spaces. The first SaksWorks location will open in Manhattan this fall. It will be located on the 10th floor of Saks Fifth Avenue’s flagship store.
The companies are partnering to build coworking spaces within the stores. The new space, called SaksWorks, will be the first of its kind, and will include a Saks flagship on Fifth Avenue. WeWork is the company responsible for the organization and reservation of office space and back-end technical support. They will also manage the stores’ marketing and branding. While the initial plans are not clear, the partnership is a positive step for brick-and-mortar retail.
Some Saks Fifth Avenue and Lord and Taylor stores will become WeWork
Saks Fifth Avenue’s parent company, Hudson’s Bay Co, has teamed up with WeWork to create coworking spaces in five of its locations. The partnership will open in September of this year. The company will be in charge of managing the spaces, but Saks will retain control over the management of the space. WeWork will take a share of the revenue generated by the stores. Moreover, it will continue to collaborate with Saks, Rent the Runway, and J. Crew.
Saks Fifth Avenue Parent Teams With WeWork
The new coworking spaces are Saks’ latest venture. It will open five locations in the tri-state area, including the flagship in New York. The first locations will open in the next few months. The third location will be in Brookfield Place. Both companies have standalone e-commerce businesses. They have a joint venture with WeWork that aims to boost the brand’s e-commerce capabilities.
The joint venture will open in former Saks retail locations in the tri-state area. It will offer work spaces, cafes, fitness studios, programmed events, and programmed events. The first locations will open in September, and SaksWorks will be a part of the Manhattan flagship. It will have five locations in the tri-state area. In addition to the Manhattan location, the new company plans to open additional co-working spaces in nearby towns.
The partnership will see WeWork act as a service provider for SaksWorks. It will also lend the company’s proprietary workplace management technology. Its mission is to offer all the conveniences a member would need in one place, including hair and beauty salons, midday stretch sessions with BDY SQD, and a fully functional bar. The collaboration is likely to last until the end of 2020.