NEW YORK--(BUSINESS WIRE)--HBC announces the launch of a first-of-its-kind business that brings flexible and elevated life and work spaces and amenities to the suburbs and the city under a new operating company and brand named “SaksWorks.” This new venture represents the next step in HBC’s renowned track record of unlocking value across its real estate portfolio with its first foray into incubated ventures.
SaksWorks will deliver various amenities at select locations, including stylish work and meeting spaces, artisanal cafes, restaurant space, retail, fitness studios and programmed events for members. The company’s five initial locations span the Tri-State area, including Manhasset, LI, Greenwich, CT, Eastchester, NY and New York, NY at Brookfield Place and the Saks Fifth Avenue New York flagship.
HBC’s Governor, Executive Chairman and CEO, Richard Baker, said, “HBC is a forward-thinking holding company at the intersection of technology, real estate and operating companies. Saks Fifth Avenue has long been associated with elevated and highly personalized service. With SaksWorks, we extend this nearly century-long legacy to this new operating company to meet the moment of hybrid work.”
At the helm of the company is SaksWorks President Amy Nelson. Nelson joins SaksWorks from The Riveter, where she raised $30 million to open ten coworking spaces for working women across the country. Ms. Nelson is also a columnist for Inc. and the co-host of iHeartMedia’s “What’s Her Story” podcast.
Of this new venture, Nelson said, “The pandemic has changed so much about our lives, including how we work and where we live. I’m thrilled to join SaksWorks in its efforts to serve the millions of Americans who now work remotely from their suburban homes or who find themselves as part-time commuters in this hybrid world. We all deserve a beautiful place to work and gather. As a working mom of four young children, I think I speak for millions when I say that I’m tired of Zoom calls in the closet. SaksWorks brings together work and life in a way that has never been done before. In the coming months, we will broaden our offerings to redefine the idea of the classic rec center into modern community hubs.”
SaksWorks has tapped service providers such as Restaurant Associates, performance and recovery studio BDY SQD, commercial real estate company WeWork and others, to ensure an elevated and seamless client experience.
Inaugural locations will open in September 2021 with plans to expand across North America. SaksWorks will offer its members an all-access pass, enabling them to visit a hub and spoke network of various urban and suburban locations. Additionally, SaksWorks and WeWork members will have access to both SaksWorks and WeWork workspaces for six months from location opening.
HBC, a long-time innovator in the real estate and retail industries, is forging an unrivaled online-to-offline strategy. Having recently established Saks and Saks OFF 5TH as standalone ecommerce companies, HBC is now leveraging its powerful ecosystem of intellectual property to incubate new operating companies for its vast real estate portfolio.
To learn more about SaksWorks, visit www.saksworks.com.
HBC is a holding company of investments and businesses at the intersection of technology, retail operations and real estate. It is the majority owner of iconic ecommerce companies: Saks, a leading online destination for luxury fashion, and Saks OFF 5TH, a premier luxury off-price ecommerce company offering top brands at the best prices. Both businesses were established as separate operating companies in 2021. HBC also wholly owns Hudson’s Bay, Canada’s preeminent multi-category retailer, as well as SFA and O5, which operate the Saks Fifth Avenue and Saks OFF 5TH retail locations, respectively.
With assets spanning top markets and prime locations across North America, HBC leases, owns or manages —either entirely or with joint venture partners—[NM1] approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets, including Streetworks Development, its property development division. Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in New York and Toronto. For more information visit: www.hbc.com.