New retail concept opens in NYC
What they do: The co-working giant sells products created by its own members, such as healthy snacks, office necessities, and branded apparel.
The Play: Don’t get confused! Although Adam Neumann seems to be experimenting in retail, he has no intention of expanding into this space. This model serves the purpose of marketing the company’s primary brand. Think of it like a residential brokerage opening a retail space — similar concept.
Heard on the Street: Julie Rice, chief brand officer of WeWork: She told Forbes that the concept is “by our members for our members… As brick-and-mortar retail is disappearing, our WeMRKTs will offer our members an entirely unique channel of distribution.”