17 December 2017
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WeWork inks agreement with Canadian retailer HBC

30 October 17 - RE+D Magazine
WeWork inks agreement with Canadian retailer HBC

COMPANIES

Solum Property Solutions

Consultant - GREECE

Savills

Consultant - GREECE

IBI Group

Consultant - GREECE

ETAD.A.E.

Public entity - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
Canadian retailer Hudson’s Bay announced a series of strategic transactions with WeWork Companies ("WeWork"), Rhône Capital (together with Rhône Group and affiliates, "Rhône") and an affiliate of WeWork Property Advisors ("WeWork Property Advisors"),

 

a joint venture between WeWork and Rhône, which will create a multi-faceted strategic relationship designed to maximize the productivity and value of HBC's global real estate assets and position HBC at the forefront of experiential retailing.

According to HBC’s official press release, agreements with WeWork to lease retail space within select 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.

HBC currently anticipates minimal impact on the earnings from these locations.

The companies intend to implement a reciprocal benefits program to enhance their respective product offerings.

The program is expected to allow the rapidly growing global membership of WeWork to participate in exclusive HBC sales online and in store, and HBC customers to have access to WeWork's We Membership platform.

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