Staples Turns To Co-Working To Monetize Its Real Estate
Staples just found a new use for some of its more spacious office supply stores—turn parts of them into offices.
Just yesterday, Staples announced a partnership with Workbar, an office-sharing startup, to offer communal workspace at three of its Boston stores.
The move is an attempt by Staples to reverse four years of shrinking revenue. The office supply company hopes the leased space will draw small businesses into the store, increasing store traffic and sales.
And traffic is much needed for retailers these days—a report by RetailMetrix shows US store visits in November and December were down 6.4%.
On Workbar's end, CEO Bill Jacobson says Staples' locations were a key driver behind the move, aimed at the mobile professional. "We’re building a hub-and-spoke network that links urban centers and suburban locations," Jacobson says.