Rakuten Terminates WeWork Contract as Fintech Team Moves In-House
Japanese e-commerce leader Rakuten will not renew its contract with coworking giant WeWork when their agreement expires next month, according to The Japan Times. The decision comes as Rakuten prepares to relocate approximately 700 fintech employees from WeWork’s Tokyo spaces to newly established company offices.
Key Developments:
- Contract Non-Renewal: Rakuten’s current WeWork lease covering multiple Tokyo locations will conclude without extension
- Strategic Relocation: Employees from Rakuten’s financial technology division will transition to dedicated corporate offices
- Market Impact: Tokyo represents a critical market for WeWork, which counts SoftBank as its largest investor
WeWork’s Challenging Landscape in Japan
This development occurs against several significant challenges for WeWork:
SoftBank Connection
- WeWork’s primary investor SoftBank is headquartered in Tokyo
- The conglomerate assumed control of WeWork in October 2019 following its failed IPO
Pandemic Pressures
- COVID-19 reportedly reduced WeWork’s Tokyo occupancy by 60%
- Many companies have reevaluated office space needs during remote work transitions
Leadership’s Optimistic Outlook
Despite these challenges, WeWork leadership maintains a positive forecast:
Financial Projections
- Executive Chairman Marcelo Claure (SoftBank COO) projects operating profitability by 2021
- Cost reduction measures are reportedly showing results
Adaptation Strategy
- Some companies are leasing WeWork spaces as satellite offices near employee residences
- This addresses hybrid work models while maintaining physical workspace access
Both Rakuten and WeWork declined to comment when contacted by TechCrunch regarding this development.
“We expect to have positive cash flow in 2021,” - Marcelo Claure, WeWork Executive Chairman
The non-renewal by a major client like Rakuten underscores the evolving commercial real estate landscape as companies reassess workspace strategies in the post-pandemic economy.
🚀 Technology Solutions & Recommendations
Enhance your tech capabilities with these cutting-edge products that complement the technological innovations discussed in this article:
🛍️ Featured Product 1: HND – Wireless Charger
Image: Premium product showcase
With companies like Rakuten reevaluating office setups, professionals need adaptable tools. The HND Wireless Charger supports seamless transitions between workspaces by eliminating cable clutter—ideal for those shifting from co-working spaces to traditional offices or remote work.
The HND Wireless Charger keeps your devices powered up without the hassle of cables—perfect for professionals adapting to new workspaces, whether in co-working hubs or corporate offices. Just as Rakuten rethinks its workspace strategy, this charger offers the flexibility to stay productive anywhere with Qi-compatible charging for smartphones and earbuds.
Key Features:
- Qi-certified wireless charging for compatible devices
- Sleek, compact design ideal for workspace mobility
- Fast-charging capability to minimize downtime
- Non-slip surface to keep devices secure during charging
🔗 View Product Details & Purchase
🛍️ Featured Product 2: HNL Sectional – Phone Case
Image: Premium product showcase
The article highlights workplace flexibility and corporate adaptability—traits mirrored in this phone case. Like Rakuten employees transitioning to new offices, readers need reliable gear that moves with them. This case appeals to professionals navigating hybrid work environments, especially in tech-forward cities like Tokyo.
Just as Rakuten adapts to changing workspaces, the HNL Sectional Phone Case keeps your device protected during transitions. Designed for professionals on the move, this sleek case offers durability without compromising style—perfect for those shifting between offices, coworking spaces, or remote work setups.
Key Features:
- Shock-absorbing TPU material for drop protection
- Slim, lightweight design for easy portability
- Precise cutouts for seamless charging and audio access
- Textured grip to prevent slips during busy commutes
🔗 View Product Details & Purchase
💡 Need Tech Consultation? Our technology experts are ready to help you implement the perfect solution for your digital transformation needs!
