[Weekender] The collaboration ’X’ factor: When consumption meets cultural code

In a crowded metropolis like Seoul, people are constantly running against time, juggling multiple tasks at once. Traffic congestion only further exacerbates the problem during peak rush hours.

Online spaces and “metaverse” are rising as the next big thing to solve this lingering issue, but there are times when one still needs to be physically present.

In September, SparkPlus, an office space rental agency based in Seoul, rented and opened co-working spaces at four subway stations around Seoul — Gongdeok, Madeul, Yeongdeungpo-gu Office, and Wangsimni stations — on top of the existing 25.

Some 210 people registered in 2016 when SparkPlus first opened their shared office space in Seoul. The number has grown significantly over the past five years, reaching 14,980 members this year with an estimated annual sales of 45 billion won ($38.2 million).

“We thought of expanding our spaces to subway stations, since it saves a considerable amount of time for remote workers and startups. They can easily drop by to spend a few minutes to several hours before they move to their next meeting, having a guaranteed work space inside the subway station,” a SparkPlus employee told The Korea Herald.

The employee also added that a clean and well-organized space fully equipped with printers, coffee machines and the latest magazines, is essential to accommodate the needs of office workers.

Another example of collaboration among spaces is the convenience store CU’s banking kiosks within stores.

In October, CU opened the first domestic Private Label Convenience Store at CU’s Macheon Park branch, in collaboration with Hana Bank. The kiosks can handle up to 50 major banking tasks, providing customers with easy access.

After a month of operations, the number of visitors increased by 20 percent, proving the success of the unique combination of convenience stores and banks, according to CU’s operator BGF Retail.

BGF Retail is looking to expand their PLCS locations with businesses that need offline channels to increase brand awareness, but do not wish to open a brick-and-mortar store, to secure win-win opportunities for brands and consumers.

By Kim Hae-yeon (hykim@heraldcorp.com)

[Weekender] The collaboration ’X’ factor: When consumption meets cultural code
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