A retail owner’s step-by-step guide on how you can further monetize your underutilized space by offering professionals a new way they can work and interact with your space. In this article, we will show you how to turn your vacant retail space into a super-profitable, vibrant coworking community. 

The Rise Of Coworking In Retail 

So, what is a coworking space? A coworking space is a flexible alternative to a traditional office. In most cases, coworking offices operate on a month-to-month term and offer amenities such as private offices, meeting rooms, open lounges, and cafes; allowing users to get work efficiently. 

It’s a great alternative to working from home, with the benefit of community and connections that help your business progress. Users of these flex spaces enjoy the amenities of an office without having to lock themselves into a long-term lease. 

There is a growing demand for people looking to work from local, flexible workspaces and, hypothetically, you already own one. Companies like Amazon have completely disrupted the retail vertical by offering consumers new ways of purchasing goods. The result? Many retail businesses have gone bankrupt or have scaled back the need to lease storefronts in highly trafficked areas. 

The financials just seem to not make sense anymore. Due to the impact of large e-commerce brands and increasing retail vacancy rates, there needs to be a “new use” for these retail locations. Many believe that coworking will become the department store of the future. 

If you are a real-estate developer, retail owner, or investor, there are innovative ways you can fill your vacancies with new shared economy models. 

The Benefits of Turning Your Storefront into a Coworking Office

If you already own or have invested in retail, by creating a coworking model that is complementary to your operating hours or full-time, you can turn your slow hours or closed hours into a source of revenue.

• Do you have a vacant retail space? Only operate a storefront a few days per week? Monetize unused space and create new lines of revenue when business is slow or during your closed hours. 
• You already operate a space that serves as a beautiful showroom for your products and accept off-the-street walk-ins to your space. By leveraging your current investment and open space design, you can maximize your opportunities by making money from workspace memberships and customer experiences. 
• Creating a popup workspace during your closed or preferred hours will allow you to build a loyal community by creating unique experiences around your space. 
• Give your business a new competitive edge – provide a service that is rapidly growing in demand. 
• Market your space to enterprises in order to create pop up retail and brand experiences. 

Turning Your Retail Space into a Coworking Studio: How To Get Started 

Step 1. Join The Shared Space Economy 

The first step to turning your retail space into a coworking space is to determine whether you have the right amenities and operations. As a general rule of thumb, you should ask yourself the following questions: 

Do you have: 

• On-staff available to greet members and ensure they are comfortable? 
• High-speed internet? 
• Natural lighting and inspiring ambiance? 
• Enough power outlets? 

Next, you need to support the basic needs of a coworking environment. Make sure you have tables, counters or comfortable lounges for users to work from. You can easily manage this by working with an interior design company, furniture provider; or if you have an eye for design, you can fit the space out yourself. 

Once you have the plan of your workspace layout, ensure that you are providing amenities like coffee, tea, snacks, and unique amenities to incentivize users to work and feel comfortable at your space. 

Step 2. Convert Your Retail Showroom into a Coworking Space 

Here’s how you can ease the process:

• Take professional photos of your location (interior and exterior). 
• Stage your new “coworking product” on your novel or existing website. 
• Determine a sustainable operating schedule and membership options that do not impact your primary business (if you operate it from the same space). 
• Add exterior signage to let the community know. For example, an “A-frame sidewalk sign”. 
• List your services on local directories and create a content marketing strategy. 
• Create a Search Engine Optimization Strategy. 
• Implement a Paid (Search Engine Marketing Strategy). 
• Partner with a booking platform to accommodate your memberships and passes to your space. 
• Train staff on how to welcome, support, fill inventory, and ensure customers have a good experience. 

Step 3. Launch Your Popup Workspace 

Converting your retail space into a coworking studio can be a lucrative endeavor when correctly managed. If you need assistance or lack the time, partnering with a company like DropDesk can streamline the process.

Don’t Have Time Or Need Help? Partner With DropDesk 

DropDesk specializes in converting unused retail spaces, offices, and restaurants into dynamic coworking environments. We provide a turn-key solution that automates coworking space management.

We will create a landing page for your location, helping you rank on Google and list on local directories. With DropDesk’s coworking management solution, you can manage billing, bookings, and more seamlessly. We even offer optional managed wifi solutions.

DropDesk also organizes events to attract customers, facilitating brand experiences and enhancing member interactions. We can help you utilize targeted marketing strategies to engage customers, thus maximizing the potential of your coworking studio. Get started by downloading our app today!