The company that’s shaking up office markets just took a major step into retail.
WeWork recently launched a new business concept, dubbed WeMRKT, at the co-working giant’s 205 Hudson location in New York City. WeMRKT is a small shop that sells products created by WeWork members, and while there’s currently only one location, WeWork said it plans to expand the concept nationally.
WeWork’s decision to step into retail comes at a turning point in the market. From Toys R Us to Nine West, retailers across the country are filing for bankruptcy at record levels as consumer shopping habits continue to shift.
But not all retailers are struggling. Discount shops are booming while retailers who effectively employ creative, omnichannel strategies are finding success.
WeWork’s new concept is another step in retail’s evolution. From the fusing of the office and retail sectors to new opportunities for brick-and-mortar, here’s what WeWork’s foray into retail says about the current state of the market.