Made by We benefits from the synergy of retail sales and foot traffic from a constant crowd using the attached coworking space. Dave Burk, courtesy We Company
Billed as a “town square” for mission-driven projects and small businesses, Made by We, a new retail and coworking concept introduced by the We Company, opens today in New York City’s Flatiron district. It’s the latest expansion of the extended We universe, which includes WeWork, WeLive (coliving), and even WeGrow (schools).
The coworking and coliving giant appears to be counting on the synergy of not only selling goods to its own members, a potentially desirable group of consumers, but also testing an on-demand model of coworking in a high-traffic area, a concept that could be replicated in other dense urban areas.
“Everything we do at the We Company, from the spaces we curate to the service offerings we provide, is intended to create meaningful human connections,” said Julie Rice, a WeWork partner, in a statement. “Made by We was launched with a vision to connect the We community with the rest of the world, and provide people with the best on-demand workspace, services, and products, no membership required.”
This new facet of the business debuts as the We Company, valued at $47 billion, seeks to show it can turn a profit and continue growing as the company considers going public. The company recently received an additional $2 billion in funding from Japanese conglomerate SoftBank, a downgrade from an expected $16 billion investment for growth and expansion.
Opening at 902 Broadway in Manhattan, the space, designed by the company’s in-house team, will be open to the public, no coworking membership required. Initially, the store’s marketplace will carry handmade cards and stationery by Miks Letterpress, reusable water bottles by Memobottle, chickpea snacks by Lebby, and wallet and laptop cases by Dynomighty Design. The products featured at launch were chosen via a series of pitch nightsheld by the company’s retail team.
For aspiring startups, Made by We could be the beginning of a WeWork ecosystem: network with potential collaborators, design and develop products in a coworking space, then sell to fellow coworkers at We Company retail spaces.