A couple of weeks ago I wrote a letter to our team. Talking about the health and wellness of our family and of our business. It was a reminder of what we’re here to do, who we’re here to be. If we can’t be honest about the needs of ourselves and of our business when working in health and wellness – then quite frankly, where can we? Craig and I started Eastwood because we’re passionate about creating an Experience that we as clients wanted. It became clear to us that the pricing in general of fitness today continues to rise, making it harder and harder to continue saying you’re a studio ‘for all’ when in actuality you’re a studio for a very specific income bracket. Slogans should say … “For all ages, all walks of life, who make over $150k a year.”
Craig and I asked ourselves why are drop ins so expensive? We know our bottom line, we know what we as a business need, to continue a healthy growth. We also know we as clients don’t want to pay a $28 drop in anymore [I know, you’re probably in shock of the honesty here] but truly, we just don’t. In saying this it is important to note that there are many incredible studios we’re supporters of that have a higher price tag. This makes sense for their model and number of people through their doors each week. We will always continue to support partners who make the best decisions for their business. For us, with the volume of people we see, we decided we can lower our price tag, still meet our goals, and at the end of the day, practice what we preach. We’ve seen many trends in fitness in the last 3.5 years. We pride ourselves on continuously pushing to new limits, thinking outside the box, and marching to the beat of our own drum. Our hope is that other studios also follow suite in this change as they have in the past when we’ve raised prices.
Another large indication that a change needed to happen came with the ever growing numbers of Class Pass. The numbers that screamed to us “we want to work out in places we love but for a lower price.” If we let it, Class Pass could literally take over our entire business. Class Pass figured out the big secret awhile ago, people want diversity and are tired of paying a premium for a 45 minute class. BUT they still want to go to their favourite studios, they still want the premium experience just without the high price tag. The masses that book with Class Pass is staggering. It would make your head spin [no pun intended].
In recognizing this, Craig and I asked ourselves, and have spent hours discussing this. Why would we not give our customers, the people we rely on what they want? Do we risk getting left behind in an ever changing industry? Being set on keeping our prices high because that’s what large US chains have theirs set at??? The answer, f**k no. We’ve got a lot to lose but even more if we don’t stay true to our vision:
“A sanctuary where freedom is found, a cultural shift where equality rules.”
As proud Vancouverites we join with the masses in conversations about how expensive the city we live in is. It dawned on us as business owners that the longer we keep our prices where they’re at, we contribute to the problem. That feeling that so many Vancouverites have of living in a city you absolutely love but having the feeling of hopelessness – how can you afford to continue living here? Grow a family? Buy a home? Eat at your favourite restaurants? And work out at places you love? Well, most can’t.
We’re in the business of enriching people’s lives. The experience we provide should be accessible for all – all income brackets. A studio that is truly for all walks of life. A studio that thrives with creative, movers and shakers, the change makers. To continue facilitating this diverse psychographic we need change. And as I said to our team last month, without change… we’re what, stale? Stagnant? Boring? No thank you.
It’s a new year. It’s time for a new wave. We’ve got new bikes, new lockers, new concepts, new instructors, new merchandise, new sound systems and new ideas.
Don’t get left behind, join us in the future of fitness.
Peace + Love,
Craig & Jill Sheridan
*New pricing is now live, check Mindbody for full details