As customers prefer online shopping, Saks Fifth Avenue’s owner joins forces with the co-working company WeWork. The luxury retail center will transform into a co-working space for remote workers.
After banning all fur items aiming to protect animals’ rights, the luxury retail shop on Fifth Avenue transforms into a co-working space for remote workers. Expanding its legacy and ‘brand equity,’ Saks includes remote workers in the business plan. From September, the luxury department will launch the first SaksWorks space in the 10th-floor children’s store. In the heart of New York, the space will provide sophisticated meeting rooms and boutique cafes.
Toronto-based Hudson’s Bay Co. owns Saks Fifth Avenue and its real estate holdings, including Lord & Taylor buildings. Therefore, some of these stores will turn into co-working spaces for remote workers. The new area will provide desks on wheels to allow a flexible setup. In addition, the monthly subscription starts from $299 a month.
To clarify, WeWork and HBC already joined forces in 2019. Back then, WeWork acquired the Lord & Taylor building for $850 million to create a co-working space for remote workers.
As WeWork CEO Sandeep Mathrani said: “There is significant untapped potential for third-party usage of WeWork’s proprietary workplace management technology, which, for a decade, has powered how we operate, manage and sell our spaces with a member-focused mindset.”
Other SaksWork co-working spaces will open in Manhasset on Long Island, Scarsdale in Westchester, and Greenwich.
As the pandemic transformed most of our habits, the luxury brand embraced the co-working trend to return to business. Instead of tourists, they now target remote workers seeking a chic place to run their businesses.