Some Saks Fifth Avenue Stores Will Be Partly Converted Into WeWork Office S
Some Saks Fifth Avenue Stores
Some Saks Fifth Avenue stores will be partially converted into WeWork office spaces, with plans to open several in the New York area. The co-working office space concept has been growing in popularity for a number of years, with the trend beginning to spread outside of major metropolitan areas. The new concept is known as SaksWorks, and it will offer members a unique mix of workspace and retail.
The announcement is a blow to brick-and-mortar retail, which is suffering under the impact of an Internet based pandemic. Foot traffic is down, and consumers are increasingly buying their goods online. While the pain has been felt across all sectors of the retail industry, the pain is especially acute in non-residential areas. The announcement also comes as a relief to some residents in the Midtown Manhattan area. The company owns the flagship store in midtown Manhattan, and the company is currently selling off most of its real estate holdings. The company has already sold the Lord & Taylor department store brand and plans to convert the space into WeWork managed space.
Some Saks Fifth Avenue and Lord and Taylor stores will become WeWork
Some Saks Fifth Avenue stores will be partly converted into WeWork office spaces. The company is teaming up with WeWork to convert these locations into co-working spaces. The new spaces will have mobile furniture and gym equipment for users, and the stores will have their own cafes. WeWork will be the managing agent, and will be the sole owner of the buildings.
Some Saks Fifth Avenue Stores Will Be Partly Converted Into WeWork Office S
As the pandemic has become more severe, brick-and-mortar stores have been feeling the pinch. While many consumers are buying more products online, physical store foot traffic is down even more. In midtown Manhattan, the flagship Saks Fifth Avenue store is one of the most popular destinations. The company’s real estate holdings have increased since it sold Lord & Taylor. Now, some of its former Lord & Taylor stores will be transformed into WeWork managed offices.
In order to compete with other companies in the same space, Saks will be converting part of its stores into WeWork office space. The two companies are currently in negotiations to convert the remaining stores into WeWork co-working spaces. Despite the high cost of acquiring WeWork, the plans will benefit employees. Some of the former Lord & Taylor department store space will become WeWork-managed spaces.
The plans are not without their own challenges. The Hudson’s Bay Company is selling the Lord & Taylor store for $850 million and plans to convert the space into a WeWork office space. WeWork will be a tenant in three of those stores. The company will also be leasing space in a fourth-floor location of its own in the Galeria Kaufhof store in Frankfurt.