WeWork is coming to Saks Fifth Avenue. Known as SaksWorks, the new venture is marrying the popularity of remote work with the struggles that brick-and-mortar retailers face as online shopping continues to grow. The first five SaksWorks offices (which will be staffed and run by WeWork) are coming to the NYC area next month. And to make it even more appealing to remote workers, SaksWorks locations will include gyms, cafes, and flexible work spaces that can be rearranged as needed. Spaces in metropolitan areas like LA, Seattle, Philadelphia, and Boston are also in development, and SaksWorks hopes the venture will find its way to suburban areas—which could be even more popular for meeting the needs of at-home workers who may not want to commute into city offices. More co-working companies including Daybase and Industrious are taking a similar approach to SaksWorks, with Daybase planning to bring its spaces to former suburban shops and Industrious currently operating some of its locations inside malls. YPulse research shows that 55% of employed Millennials plan to work from home post-COVID, and co-working spaces with accessible locations could give them another workplace option in between their homes and the traditional office. (WSJ)
