The New Industry Coming to Your Shopping Mall & How It (Co)Works
Retail centers all over the country are seemingly filling those flopped department store spaces faster than you’d ever imagined. Coworking is the latest and greatest asset to these malls, keeping numbers up and increasing foot traffic throughout. With many once-thriving stores closing up shop and relying solely on online sales, it seems that mall owners are looking to fill those spaces with coworking and entertainment. Some call it desperation, we call it innovation.
Why it makes sense
With the opening of more and more collaborative coworking hubs inside of dying retail centers, people are ditching the downtown scene, leaving expensive rent and parking in the dust and adopting a more affordable option that’s closer to home. Not only does the mall benefit from having a tenant-occupied space, but the people that work in that space stimulate revenue for the mall by utilizing the amenities and services that the mall offers.
Malls see more business over the weekends, so the addition of a coworking space where people will typically work Monday through Friday generates more income for the mall on the weekdays. Many members of a coworking space hold meetings with clients or colleagues as well, bringing even more exposure to the space and mall. It really is the one-stop-shop for work, dining, and shopping for everyday business professionals.
The mall also provides the ability to move around more instead of being confined to a small office. This keeps members and employees engaged, leading to more productivity and less burnout while they work.
Find what is right for you
Although the benefits to coworking inside of malls are abundant, there’s a couple of things to think about. Are you someone that enjoys the company of others? Privacy and distraction can be an issue in open coworking spaces. For additional privacy and focus, you may look to rent a private office within a coworking space. You may also want to consider the confidentiality of the content that you are working with before becoming a member of a coworking community.
Malls are evolving
Every day on the news you see another store closing their doors, another casualty taken by the “retail apocalypse”. Real estate owners know that the shift from traditional retail to retail and business is essential for your favorite mall’s revival. The change is happening all over the country, so the next time you’re walking the mall wondering what that new “store” is, you may be intrigued to hear that it’s a coworking space.
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