wework buys oldest luxury store in us
Last Updated : GMT 05:07:50
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 05:07:50
Themuslimchronicle, themuslimchronicle

to the booming sharing economy

WeWork buys oldest luxury store in US

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleWeWork buys oldest luxury store in US

The flagship Lord & Taylor store on Fifth Avenue in New York
San Francisco - Muslimchronicle

WeWork on Tuesday announced a deal to buy the oldest luxury department store in the US as shifting retail landscape yielded ground to the booming sharing economy.

Office-sharing startup WeWork said it is buying Lord & Taylor's flagship store on Fifth Avenue in Manhattan in a joint venture with Rhone Capital.

The deal also involves WeWork leasing space in HBC department stores, beginning with the upper floors of the Hudson's Bay locations on Queen Street in Toronto and Granville Street in Vancouver and Galeria Kaufhof in Frankfurt.

Hudson's Bay estimated that the overall deal would result in $1.6 billion in cash on its balance sheet and reduced debt.

"This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space, while substantially improving the value proposition," HBC executive chairman Richard Baker said in a release.

Baker maintained that the alliance puts HBC "at the forefront of dynamic trends reshaping the way current and future generations live, work and shop: the sharing economy and urban and suburban mixed-use real estate planning."

The sale of the Lord & Taylor Fifth Avenue building by Canada-based Hudson’s Bay to newly created WeWork Property Advisors entity, by itself, was valued at $850 million US.

The flagship store was expected to continue its retail business through the year-end holiday season.

After that, it will be converted into WeWork’s New York headquarters along with WeWork office space and a redesigned Lord & Taylor store of approximately 150,000 square feet (14,000 square meters), according to the companies.

"Retail is changing and the role that real estate has to play in the way that we shop today must change with it," co-founder and chief executive Adam Neumann said in a release.

Since launching in New York seven years ago, WeWork says it has grown into a network with more than 150,000 members at some 160 locations around the world.

"WeWork could not be what it is today if it wasn't for our New York roots," Neumann said.

"The WeWork of today is a testament to the energy and hustle of this great city and it permeates everything we do."

WeWork in August announced that Japan's SoftBank Group made a $4.4 billion investment in the company.

WeWork -- which offers warehouse-style shared workspace to smaller companies, primarily tech startups -- expected to use the massive investment by SoftBank to expand its global presence.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

wework buys oldest luxury store in us wework buys oldest luxury store in us

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicleSkincare PR Performance Full Year 2017

GMT 09:06 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Themuslimchronicle, themuslimchronicleEurope brings on charm and blue skies

GMT 08:37 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Themuslimchronicle, themuslimchronicleModern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Themuslimchronicle, themuslimchroniclePuigdemont candidate for Catalan president

GMT 08:25 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Themuslimchronicle, themuslimchronicleAmazon to open first cashierless shop

GMT 08:31 2018 Tuesday ,23 January

Amazon to open first cashierless shop
Themuslimchronicle, themuslimchronicleThe Rake announces editorial updates

GMT 08:20 2018 Wednesday ,17 January

The Rake announces editorial updates
Themuslimchronicle, themuslimchronicleAirbus to get '10 years of visibility'

GMT 08:39 2018 Monday ,22 January

Airbus to get '10 years of visibility'
Themuslimchronicle, themuslimchronicleFor the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Themuslimchronicle, themuslimchronicleUS Christian tourists see deep meaning

GMT 08:00 2018 Monday ,22 January

US Christian tourists see deep meaning
Themuslimchronicle, themuslimchronicleWENN appoints entertainment journalist

GMT 09:07 2018 Monday ,22 January

WENN appoints entertainment journalist

GMT 08:43 2017 Saturday ,30 December

Ahmed Mekki could not participate in Ramadan

GMT 22:25 2011 Friday ,25 February

Prevent shoppers to use plastic bags

GMT 13:27 2018 Saturday ,20 January

Israel apologises to Jordan

GMT 20:32 2017 Sunday ,08 January

Beside Myself

GMT 11:05 2017 Sunday ,12 November

Nature's nastiest beasts on show

GMT 14:02 2017 Monday ,18 December

Gloss Communications announces client win and adds

GMT 08:19 2017 Tuesday ,12 December

Fares Karam will not sing in Lebanon in New Year

GMT 18:07 2017 Tuesday ,31 October

Growing demand for baby-face models

GMT 15:26 2015 Wednesday ,08 April

Oyster signs big publishers for e-bookstore

GMT 23:16 2018 Thursday ,04 January

US warns Iran to be held to account

GMT 12:08 2017 Saturday ,30 December

SWMF 2018 to Pay Tribute to Legendary

GMT 08:55 2015 Saturday ,27 June

Black Forest tart

GMT 07:51 2017 Thursday ,10 August

The most important new resorts in the UAE

GMT 14:22 2013 Thursday ,24 January

Va Va Voom – Behind the scenes

GMT 07:22 2017 Sunday ,02 April

Lobella Loves appoints Lucky 8 PR

GMT 05:42 2017 Friday ,24 November

Star Wars' a perfect escape in a 'dark' era
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube
muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle