The idea is that the more reasons you give a consumer to visit a space, the more inclined they'll be to show up but the symbiotic relationship between co-working spaces and malls presents numerous benefits for both tenants and property owners. For tenants, co-working spaces offer flexibility, cost-effectiveness, storage and access to amenities that enhance productivity.
For property owners, they represent an opportunity to diversify revenue streams, attract foot traffic and revitalise underutilised, even abandoned, spaces.
If you build it they will come
The new Workshop17 space in Ballito Junction Regional Mall exemplifies this vision on our own shores, offering a dynamic ecosystem where entrepreneurs, freelancers, and small businesses can thrive amidst the convenience of a retail environment. With a total capacity for 428 members, the focus is on providing them with after hour entertainment and networking opportunities.
By integrating flexible workspaces, well designed amenities, and heavily supporting local suppliers, the aim is to start a conceptual shift that can inject energy into the area’s commercial sector, by encouraging physical purchases in a way that provides more flexibility than shopping online, something that 27% of South Africans currently do.
Paul Keursten, co-founder and CEO of Workshop17, relays the significance of this strategic move, stating, "We believe in the transformative power of co-working spaces to not only revitalise malls but also to serve as catalysts for economic development and community engagement. Just as Ikea is reshaping the retail landscape by incorporating co-working spaces into their malls, we are committed to redefining how people interact with commercial environments. This is especially true in Ballito where convenience is core to the lifestyle."
The rise of third places
For many employees, certain kinds of spaces can make them feel more comfortable. A third place is an alternative to the home ("first place") or the workplace ("second place"), when neither is the best option for specific types of required work activities.
Many third places provide access to others in a different atmosphere to spark creativity, enhance connection and foster a sense of belonging when away from the office. Examples of third places include cafés, clubs, hotel lobbies, bookstores, coworking spaces and now shopping malls.
Future malls will redefine themselves as transformation centres designed to enable societal physical, mental, spiritual, and entrepreneurial journeys. These renovated locales will be transformational hubs that will house diverse offerings from business incubators and worship services to float tanks and sleep centres. The result will be a suburban renaissance of the mall with a mission shift from a business based on mass consumption to personal transformation. DM