As commerce continues to move online with greater frequency, the owners and managers of retail properties across the country are looking for ways to diversify their earnings and differentiate themselves from competitors. While it may seem strange to many, the corresponding rise in the popularity of coworking may give these property owners the boost they need. Here, we’ll explain how retailers are fueling the coworking boom and outline the differences between these spaces.
Why Are Coworking Spaces So Popular?
The concept of remote work isn’t a new one. It’s always been around, though it hasn’t always had the prevalence it’s seen since the start of the pandemic. Although working from home offers numerous advantages, it’s not a viable long-term solution for everyone. It can be mentally draining, and it’s impossible to leave work at the door at the end of the day.
Coworking spaces, even those in retail centers, are better than work-from-home arrangements for several reasons. They give telecommuters and remote workers a chance to get out of the house, and they also boost productivity. Along with the flexibility these spaces provide, they also give workers the chance to meet people from various industries and backgrounds. When these meetings of the mind occur, businesses and individuals build stronger professional networks and improve the quality of their results.
Today’s digital nomads are also playing a role in the enormous growth of coworking. There have always been telecommuters, and these people have quickly adapted to the lifestyle—fueling the demand for versatile, practical, and short-term workspaces. Coworking spaces, even those in retail outlets, give people the non-disruptive workplaces they want and the freedom they need. In short, coworking is changing the way we do business.
Coworking and Retail: Turning Differences Into Advantages
The idea of bringing retail and coworking together isn’t just creative; it’s a good one from a business standpoint. For retailers, SUCCESS Space franchise ownership creates product testing opportunities, ensures visibility, and increases foot traffic.
Franchise ownership is an excellent product placement opportunity for retailers. For instance, a tech, small appliance, snack, or furniture company could benefit from becoming a SUCCESS franchisee, as it will allow them to see how their products are used in real life.
Coworking is Changing the Retail Landscape
While retailers have always had a tight grip on public spaces, the growth of e-commerce has loosened the hold. Retail spaces are increasingly vacant—and in-store sales are plummeting, which has led property owners to look for different revenue streams. It benefits us because we can expand our footprint with minimal hassle, and it helps property owners fill their spaces with productive long-term tenants.
Different Types of Retail-Based Coworking Spaces
According to Jones Lang LaSalle, retail-based coworking spaces are separated into several categories, including:
- Launchpads. Retail-based coworking is popular among startup owners, who often rent them to give workers the productivity and convenience they need.
- Incubators. As startups find their footing, coworkers in retail-based SUCCESS Spaces will find the opportunities and support they seek.
- Creativity and collaboration. Coworking spaces in retail centers are ideal for any business looking to expand its horizons.
- Telecommuting. When the owners of retail spaces purchase SUCCESS franchises, they add revenue streams and give telecommuters the flexible and on-demand workspaces they need.
Despite their differences, retail spaces and coworking spaces have formed a symbiotic relationship. Franchise owners will benefit from the steady stream of customers in today’s retail spaces, and businesses that offer promotions may bring more people through the doors.
Turning Coworkers Into Customers
Many remote workers have turned to coworking spaces because of the convenience they offer. SUCCESS Spaces in retail outlets make it easier for colleagues to run errands, eat, and shop during their downtime—and dining and retail tenants essentially have a captive audience. When retail brands buy into the SUCCESS coworking model, they get a great opportunity to increase sales and boost revenue.
Why Retail Property Owners Make Great SUCCESS Space Franchisees
Because they’re so smartly designed, SUCCESS Spaces lend themselves to the retail world. Our open and shared workspaces require little retrofitting, which means that property owners can open their franchises quickly. And, with by-the-minute booking, long-term rentals, and 24/7 availability, franchisees can earn money in ways that suit their existing business models. When retail property owners become SUCCESS Space franchisees, they can increase revenue while offering today’s workers the flexible, attractive options they want.
Retail and Coworking Spaces Are a Great Match
The events of the past three years have forced brands to rethink the way they do business—and unfortunately, many didn’t survive. Landlords and property owners have also been led to re-evaluate how they choose tenants, and the rise of retail-based coworking spaces offers benefits to them as well as customers, brands, and franchise owners.
Retail outlet owners and property managers should take a proactive stance by reaching out to potential franchisees. In turn, coworking franchise owners have quite a few reasons to consider expanding into existing retail spaces.
Today’s freelancers and telecommuters want to work in flexible, cooperative environments, which SUCCESS Space offers. With their proximity to shops, eateries, and other modern conveniences, it’s easy to why retail coworking spaces are so popular among startup owners and digital nomads. As remote work and telecommuting become more common, we expect to see more coworking spaces in retail centers.
Stores and Coworking Spaces: An Omnichannel Solution for Property Owners
Irrespective of business owners’ opinions on having a largely remote workforce, the hybrid work model isn’t going away anytime soon. The world has changed the ways it works, and today’s employees want to find environments that add to their personal lives rather than detracting from them. When retailers become SUCCESS Space franchisees, they’ll provide great amenities, help workers save on the daily commute, and allow them to test and try the newest products.
Although they are different in many ways, coworking spaces and retail spaces have a lot in common; they’re both changing and creating new opportunities. Retailers can benefit from displaying their products to a captive audience, while we’ll reap the rewards of additional foot traffic and visibility. It’s a win for everyone!
While no franchise is perfect for every investor, the SUCCESS Space model deserves consideration. More people than ever are seeking coworking spaces, and the future appears positive for providers. Check out the advantages of a SUCCESS Space franchise today and prepare for the future now.
