NEW YORK (1010 WINS) —The owners of Saks Fifth Avenue are converting retail space into co-working stations in collaboration with WeWork, the company announced Tuesday.
Hudson’s Bay Company plans to launch five new workspaces beginning next month within the New York City area. The joint venture, known as “SaksWorks,” comes as pandemic-induced remote work remains widespread and while brick-and-mortar retail continues to struggle.
Converted offices will include both spaces occupied by Saks and Lord & Taylor stores, the Wall Street Journal reported. Workers will be charged $299 a month for the space, the same price as a WeWork all-access membership, the report noted.
Under the deal, WeWork will manage the space, promising in its news release “stylish work and meeting spaces, artisanal cafes with fresh food and beverages, fitness studios and programmed events all under one roof.” Most of the desks in the spaces will be on wheels, allowing for layout changes, according to the WSJ.
“Saks Fifth Avenue has long been associated with style and hospitality,” said HBC’s chairman and CEO, Richard Baker, in a statement. “With SaksWorks, we extend this legacy to flexible work, using the powerful brand equity that Saks has built over its 154 year history to meet the moment of hybrid work.”
The first five locations will open by the end of the year in Manhasset, Long Island; Scarsdale, New York; Brookfield Place and the Saks Fifth Avenue flagship store in Manhattan, according to the companies.