-Effective strategy of hyper-personalized rate plan and expansion of affiliate network
-Global expansion is also under consideration
Domestic leading office brand Fast Five (CEO Dae-il Kim) announced on the 7th that the number of monthly users of its membership lounge service 'Five Spot' has doubled compared to the previous year. Five Spot has been growing steadily, recording 20,000 monthly users last year.
Fast Five's Five Spot branches started out at 34, but expanded to 42 directly-operated stores and 202 affiliated stores in just one year, building a nationwide network. Through this branch expansion, it was able to record a 65% sales growth year-on-year.
Fast Five cited the ‘changing work environment’ as the background for Five Spot’s rapid growth. As economic uncertainty continues, the number of self-employed, freelancers, and N-jobbers has increased, leading to a preference for flexible workspaces and a demand to reduce fixed office costs. Accordingly, Five Spot has actively expanded its service area and achieved rapid growth.
As the uncertainty of the job market and job-changing market increases, the customer base has become more diverse, with the demand from workers who are pursuing self-development. In a recent customer survey, the percentage of people who cited 'studying', 'self-development', and 'preparation for employment and job-changing' as the main purposes of use was high.
In response to this diversification of its customer base, Five Spot has successfully attracted new customers by introducing hyper-personalized rate plans that are tailored to usage patterns, such as the “Daily 3-Hour Pass.” In addition, it plans to introduce a reasonable charging structure in the form of a “time-charger” that allows customers with flexible usage times and locations to pay only for what they need.
In terms of space, we are rapidly expanding our branches by expanding partnerships with idle spaces. Five Spot plans to secure 300 branches nationwide within this year, and we are also planning to build a global network to respond to the needs of overseas business travelers and foreign customers.
“With the increase in affiliated branches through our aggressive expansion strategy, the number of users who work near their homes, hold business meetings in the city, and work near their meeting places has increased,” said Cho Min-sik, Five Spot’s general manager. “Five Spot is becoming a reasonable and optimal alternative for them.”
Kim Dae-il, CEO of Fast Five, said, “Amidst rapidly changing work environments and lifestyles, Five Spot has been meeting customer needs with flexible and reasonable space solutions.” He added, “Fast Five Five Spot will continue to expand its branches to meet the changing work environments and the needs of users looking to utilize shared offices, and we will work hard to provide an environment where people can focus on work and growth through Fast Five services anywhere in the country.”
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