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JustCo is seeking to double its Asia-Pacific Presence by taking over shopping malls The Centrepoint mall, Singapore, along with Amarin Plaza in Bangkok
FREMOMT, CA: The popular co-working space provider JustCo is seeking to double its Asia-Pacific Presence by taking over shopping malls. JustCo is all set to launch its services in Singapore’s The Centrepoint mall along with Amarin Plaza in Bangkok, its fourth space in Thailand. The company is already functioning in Marina Square in Singapore.
A study observed that the non-conventional use of the space in malls is assisting it in propping up the occupancy and boost foot traffic of late. The integration of technology in the retail sector has gradually shaped the shopping behavior of consumers. To be more specific, factors such as increasing popularity and the convenience of online shopping are disrupting traditional shopping patterns. These factors have majorly contributed to the halt in the footfall of physical stores and migration of customers to online platforms. The shift in shopping trends has resulted in a rise in vacancy rates and oversupply concerns in Singapore.
By recognizing this threat, the landlords were exploring to utilize the retail space for not-so-conventional uses, especially among those who offered an avenue for community gathering and networking, for instance, places such as public libraries, flexible workspaces, and educational institutions.
“Malls in the city see an annual footfall of over 30 million compared to approximately 120,000 in an office building in the CBD,” said JustCo’s founder and CEO Kong Wan Sing on the opening of the 60,000sqft location at Centrepoint. “We believe that there is a huge untapped opportunity in the retail space segment.”
The Centrepoint is JustCo’s 14th location in Singapore. It will be the first to utilize and engage the firm’s data analytics and other enhanced proprietary technologies, including a robot butler, access by facial recognition, and a digital Wayfinder. The Amarin Plaza center can host almost 1000 members and will open for hire in the third quarter of the year.
Buoyed with uniform and steady demand, JustCo has expanded the area of its co-working spaces and manages more than 150 percent year after year. It also doubled the number of enterprise clients serviced by the company across the markets that it caters to. The company now manages about 42 clients across eight cities.
“Our greater purpose is to build a mega-network and community within and across markets – one that helps companies and individuals realize the synergies, efficiencies, and opportunities of a shared workspace,” said Kong. “In just over a year, our member base has grown by 100 percent, and this is set to grow further with changing workforce demographics.”
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