Is coworking/co-retail combo the future of retail?
A recent article from CRETECH suggests that “mixed-use is the beacon of hope for an industry prone to doom and gloom.”. Mixed-use or co-retail is utilizing co-working spaces and providing a retail, commercial or lifestyle element.
“…jobs are more competitive and people are working longer hours, as such people are spending less time in their apartments. Weekends are reserved for friends rather than shopping, and that’s a fundamental shift in people’s behavior, particularly millennials…”
At Springboard we’ve seen the constantly changing behavior of consumers through our pedestrian counts. It is clear to see through the number of news articles that retailers who aren’t adapting to these changes in consumer behavior are struggling in the current retail climate. One option of adaptation is using co-working spaces to meet the consumer on their time, where a hive of people is guaranteed to be on a daily basis.
“Expectations within co-working already expand far beyond the traditional office – encompassing community based spaces that seamlessly integrate with new technologies with member programming.”
Once a retailer has established itself within a co-working space the key question is then how successful the retailer in is attracting workers into its area. Springboard’s technology monitors activity within particular spaces or zones, the most frequent path of movement of visitors and their dwell time within the zone. These insights are critical in understanding whether the retailer is meeting the needs of workers, or whether alternative occupiers would be more appropriate. Ultimately this understanding will deliver the optimum mix for the building and maximize the return on investment for the owner.
So, what do you think? Is coworking/co-retail combo the future of retail?
You can read the full article on the CRETECH website.
Coworking/Co-Retail Combo is the Future of Retail