The new ways of shopping have not been very favorable for physical retail stores in terms of footfall. The stores started to close and the malls had more empty spaces. Then entered shared offices as saviors and turned this challenge into opportunity. Not only did coworking spaces alter the future of work but they also breathed life into shopping malls. Interesting, right? Let’s explore how these workspaces are helping shopping malls go on amid changing consumer habits.
The Retail Crisis of Shopping Malls
Shopping malls enjoyed their glory for many years before their graph went down. The convenience and variety of digital shopping platforms that consumers get are hard to fight and hence, a decline in the number of people coming to traditional retail spaces. As a result, physical stores of even big brands found it very difficult to keep running and they had to shut their doors. The malls had more vacant shops than ever and faced financial struggles. However, some malls took the smart step and let shared offices repurpose vacant areas into workspaces.
The Emergence of Shared Workspaces
Shared office spaces offer flexible work environments for freelancers, remote workers, and growing and even established businesses and provide them with all necessary support amenities without binding into long-term lease commitments. By transforming vacant retail stores into shared workspaces, malls have been benefitting from the concept. Workers get a well-equipped environment to work from and malls have people coming there.
Normally, coworking spaces can only be found in corporate hubs or office buildings but looking at the huge demand by professionals, shopping malls are also stepping in to bridge the demand-supply gap.
Benefits of Shared Coworking Spaces for Shopping Malls
It makes it pretty clear that the presence of coworking spaces in shopping malls means a win-win situation for both parties in many ways. Let’s know how:
Increasing Foot Traffic and Bringing Back Retail Activity
As discussed, malls don’t get as much traffic today as they used to. The introduction of coworking spaces in malls means more people entering the place. They will spend most of their hours at work. Some people also have visitors coming so that’s additional footfall. Now when a person comes to a mall every day, there are high chance they will look around and explore the shops and restaurants. Some people shop and some eat but overall, the sales and retail activities get stimulated.
Repurposing Vacant Spaces
While vacant retail spaces are a clear sign of lost revenue, it also gives a feeling that the mall’s prime is over. Empty stores make the whole environment less inviting and hence, shoppers and visitors leave the premises. Now suppose there’s a shared office space in Noida Mall; it will be such a wonderful solution to this problem. For the opening of the workspace, the mall will have to transform these unused areas into welcoming and productive work setups. With both retail and professional places in the same space, malls become a very versatile destination.
Multiple Revenue Streams
Generally, malls rely on the shoppers coming and the rent of the stores for their revenue. But when there is a coworking space inside, income will be generated from renting office space, meeting rooms, open desks and event spaces. The mall’s income will no longer be just through retail sales. In fact, if malls partner with shared space providers, both parties will be able to earn more without solely taking care of the operations and space management.
Attracting a Different Customer Base
From solo freelancers to large teams, shared offices like Lets Connect Noida attract all kinds of professionals and businesses. Now when these workspaces enter shopping malls, malls become an attraction to a new set of visitors who are not coming to shop but still be there for hours. Though they won’t be in their workplace all the time, their presence will bring new life into the mall. And maybe during breaks or for after-work catching up, they can go to the stores and cafes with their peers or friends.
Supporting a Shift Toward Community Spaces
We have seen how malls are shifting their focus away from retail and are becoming more community-oriented spaces with many other entertainment options as well. That’s how they can offer a broader range of services to the people coming. If shared office spaces in Noida enter malls and start offering event space services there, for instance, there will be more people coming to the premises. This will benefit both the shared space and the mall.
The Future of Shopping Malls with Shared Coworking Spaces
Today, shared office spaces in Noida, Bangalore, Mumbai and other locations are integrating with shopping malls to become more accessible and to meet the growing demand. The retail crisis has made the malls think of a creative solution to reinvent themselves and shared office spaces have been a great idea. Freelancers who want to change their location from home setup will enjoy being in a shopping mall for work and employers who are looking for a vibrant space for their teams will be happy to be here. In short, it seems like a promising trend that has the potential to go far.
Conclusion
The malls have been facing a retail crisis while reputed workspaces like Lets Connect Noida are in big demand. If workspaces shift to the malls, it’s going to be mutually beneficial for both parties in the ways we discussed. There is a huge potential for growth if shared office spaces start shifting to malls.
