Hudson’s Bay Co. will open its first five coworking spaces in partnership with WeWork under the moniker SaksWorks.
The Saks Fifth Avenue owner will transform parts of its department stores, including former Lord & Taylor locations, into WeWork-managed coworking spaces.
By converting certain parts of the department stores, Hudson’s Bay hopes to take advantage of the growing demand for flexible offices in the suburbs, as well as help boost profits in their brick-and-mortar shops.
“We think about, ‘What can we bring to the suburbs that we used to serve with retail concepts where our customers still live?’” said Amy Nelson, President of SaksWorks and former CEO of coworking firm The Riveter.
The company is also exploring adding spaces in other markets such as Boston, Los Angeles, Philadelphia and Seattle.
At the moment, SaksWorks will take over a closed Saks Fifth Avenue men’s store in Lower Manhattan. It will also open new offices in suburban Manhasset and Scarsdale, New York, as well as Greenwich, Connecticut.