The coworking culture has been on the rise in recent years. More people are opting to work in shared spaces rather than traditional offices. Moreover, it seems like every day; a new coworking space is opening up in a new city.
While many of these spaces have all the amenities you need to get your work done, one thing is noticeably absent – retail stores. But why is there a need for retail? Why this new merger between coworking and retail?
The answer, it seems, is that coworking spaces are becoming more like departmental stores. That is, they’re offering a wider range of services and amenities under one roof, making them a one-stop-shop.
But the question still remain: why? To find out the answer, keep on reading.
Coworking spaces as departmental stores
We can see many coworking spaces these days looking more like departmental stores, offering a wide range of services and amenities. This is because the retail sector has seen tremendous growth in recent years and coworking space providers want to capitalize on this opportunity.
In addition, the rise of e-commerce has made it easier for people to shop online for everything from groceries to clothes. This has made it harder for brick-and-mortar stores to compete, and many have been forced to close their doors. But, the coworking spaces are providing them with new opportunities.
Also, the retailers are looking at the opportunity where they can increase foot traffic. Coworking spaces act as a feeder for them, bringing in more people who can be their potential customers. The coworking spaces are also providing the desired environment and the required atmosphere in which the retailers want their customers to be.
Moreover, the retail industry is experiencing a significant shift as more consumers opt for experiences over material goods. They’re looking for places that offer people an escape from the mundane tasks of everyday life and provide opportunities to socialize and relax.
Further, many small businesses are trying to jump onto the coworking space bandwagon. They’ve realized that the secret to self-promotion is to open a retail store at a spot where the targeted audience is already present. In this case, it’s the people conducting their daily business in coworking spaces. As more people prefer coworking spaces for work, the chances of sales for these small businesses increase.
So, this is how the outlook of coworking is changing slowly but surely. Also, this shift may not be obvious to everyone, but it’s clear that the trend is here to stay.
What does this change mean for coworking spaces?
This transition from a consumption-focused to an experience-based economy is good news for coworking spaces. As more and more people seek out places that offer them a respite from the grind of everyday life, coworking spaces are perfectly positioned to provide what they’re looking for.
In addition, the trend toward e-commerce has made it easier for coworking spaces to add retail stores. They don’t have to worry about the overhead costs associated with traditional brick-and-mortar stores.
Opening retail stores will also help boost foot traffic to coworking spaces. The customers who visit the retail outlets will also learn about the coworking spaces and may even end up using them.
All in all, the trend toward departmental stores is a positive one for coworking spaces. It allows them to tap into a new revenue stream that revolves around a wider range of services and amenities. So, if you’re looking for a place to cowork or open a retail store, be sure to check out your local departmental store. Oh, sorry! We meant nearby coworking space.