As WeWork prepares to roll out its new WeMrkt retail concept globally, EG tours the group’s Chelsea outpost in New York to find out more.
The WeMrkt arm of WeWork is headed up by entrepreneur Julie Rice – best known for co-founding fitness phenomenon SoulCycle – who joined WeWork in November 2017.
WeMrkt, which currently operates as an in-house branch of WeWork office spaces, works using an honesty market model and aims to feature as many member products as possible, including food and office supplies.
First launched at WeWork’s 205 Hudson location in New York in June, the Chelsea WeMrkt is the second of four in the city and the plan is now to expand both in the US and internationally.
WeWork has hosted pitch nights for member companies in several cities to compete to have their products featured in the WeMrkt.
So what’s next? Here, Rice sets out her plan for the growth of the WeMrkt brand and reveals how she has found the transition from the leisure sector to the world of corporate real estate.
Is this just a neat idea for WeWork or could it signal the future of retail? The battle between online and bricks and mortar is fierce. This on-site, curated and tailored shopping experience is an interesting new way of approaching retail in a modern world.
Our vision for the WeMrkt really stems from our commitment to serving and supporting our members. By creating a platform for member companies to distribute their products, we’re providing them with an opportunity to tap into the WeWork network, reach new audiences and avoid the overhead costs that come with traditional bricks-and-mortar stores.
While we believe this product is centred around enhancing our member experience, we do think there is something to be said about how these ideas indicate a change in how people want to experience retail today. With the changing retail landscape, our WeMrkts present an entirely unique channel of distribution for member companies to present their products and goods, and we’re excited to see where this leads for the industry more broadly.
Could WeMrkt become a standalone offering and operate outside of existing WeWork buildings?
We are certainly looking for more ways to enhance the experience we provide to our members. But our focus right now is centred on expanding WeMrkt to additional WeWork locations, giving more members the opportunity to share their products with our global community.
What has the transition from the leisure sector into real estate been like?
WeWork’s vision from the beginning has been to support people holistically and build community in every facet of our lives. This was also the foundation of what we built at SoulCycle – you didn’t just enter a dark room to work out in a room of strangers, you entered that room to be part of a community and connect with others on a deeper level.
Community has been the guiding thread from my experience building SoulCycle to joining WeWork; both are focused on creating an experience around human connection, and that’s what we are continuing to do through offerings like WeMrkt. We are bringing people together in a variety of physical spaces, and giving members new and different ways to connect.
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