The problem is that this only works if the factory can guarantee that it won't downsize, shift work offshore etc. Otherwise the investment just isn't worth it. The workers also have to be in a situation where they know they will be working at that factory for a very long time, otherwise many of them will want to live elsewhere, especially if one of the family members doesn't work at the factory.The key with arcologies, at least initially, would be to build them as a series of linked tall buildings. A factory might want to have its workers nearby, so it purchases an apartment complex near the factory...
If for some reason this factory - apartments - shopping centre complex was created, all it would take is the factory to have less work for a couple of years and the whole system breaks down. I agree with the other poster that this seems like more of a fit for Communist countries to try since the whole directed labor thing was more up their alley.