Equinox Fitness Maintains it’s Excellence.
Since September, 1991 Equinox has been serving the fitness community with their luxury fitness clubs. Opening its first club on New York City's Upper West Side, Equinox has since become a international brand spanning over two continents. The company is known for its luxurious facility design and its exceptional service. Equinox member base hails from the ranks of the rich and famous to those in big business. We visited several of the company's clubs in New York City over the past two months. Here is what we discovered and what we suggest as we move forward in our club discovery series.
EQUINOX FITNESS - NEW YORK CITY
On our visits to Equinox we evaluated the fitness clubs in several categories. Those categories were as follows:
Service
Facility and Operations
Price and Accessibility
We rate fitness facilities by giving each facility a score in each category based on a scale ranging from 0-10. The totals of all categories are then calculated to give us a final score. Here are our category findings.
MEMBER SERVICE - 8
It is nothing less than fair to say that in this category, the Equinox standard is always in play. Upon entering each club, the front desk employees who are all a part of the "Greet Team" welcomes each guest into the club with a smile and a very welcoming greeting. We observed that every member was greeted. As you continue into the club, it becomes evident why Equinox is the choice of so many of those in the upper echelon of business and fitness.
As you enter into the locker rooms, the crews of locker room attendants that are stationed in the locker rooms to assist members greet members and are ready to offer service as soon as you walk through the doors. The personal trainers who are assigned to the floor are also very friendly and assistive as they greet members and help those members who require assistance or those who may ask for assistance. We observed nothing but professionalism and service from the time we entered to the time we left. This was not just present at one location however, this was present at all locations which is why we feel that Equinox has a brand standard which surpasses most in this category.
RECOMMENDATIONS
Membership sales should be more engaging with the general member base. If there are more relationships there will be more memberships sold and more revenue generated.
Trainer engagement. Trainers should be more engaged with members. Although most of the training staff does engage the member base there could be better trainer to member engagement service at all clubs. Presence and visibility is also key which is something that is missing at some locations.
Contracts. Although contractual agreements generally work well in the grand scheme of things by increasing member acquisition and retention reducing attrition, this can be a major "buyers concern". Most people are not into commitments as before, that being said we suggest instead of long term contracts give buyers an option of two terms, a short and long. This will empower you more by gaining buyer confidence and loyalty for the long term not just short.
FACILITY OPERATIONS - 8
If there is one thing that we noticed at every Equinox is the "brand standard" which is consistently maintained across markets. At the clubs that we visited, every piece of equipment was in working order and clean. The variety in each location was a bit different, however, we expected that this would be the case as each area has a different demographic of users which influences the outfitting of clubs individually. The locker rooms and wet area amenities were also very well maintained and the "brand standard" was once again observed. The stall areas were impeccably clean, with no odors present. The showers were all clean and welcoming with no visible presence of any mold or mildew. All receptacles were stocked with all body items (body gel, shampoo, conditioner, and face wash) in every stall. There were a few things that we did observe that we did feel could improve. Most of which were related to equipment brand choice, and hours at which clubs close at some locations. Overall, facility operations at Equinox is nothing less than exceptional.
RECOMMENDATIONS
Consider returning some of the clubs to pre-covid operation hours. Although most clubs have returned back to normal, several still are in the shadows and this can be a matter of convenience which translates into a loss in potential membership revenue.
Consider updating some of the lounge area furniture at some of the clubs. Although these accommodations are rather comfortable in all clubs, esthetically some of these items could be updated to reflect a more modern Equinox experience.
PRICE AND ACCESSIBILITY - 6
In this category, we considered the price of each membership class and the accessibility that each membership access grants. We also evaluated the number of clubs available to each member in each access class. When it comes down to price, Equinox most certainly sits on top of the pack as having the most expensive access memberships yet. They offer four tiers of membership access;
Single Location - Access to one club location. This is usually the club of initiation or joining.
All Access - Access to all clubs within the United States except those clubs which are considered destination clubs.
Destination Access - Access to all clubs where ever there is an Equinox globally except those clubs which are considered destination two clubs (i.e. Hudson Yards and Hamptons X).
Destination Access w/ Hudson Yards - Access to all clubs where ever there is an Equinox globally including all clubs considered destination two (i.e. Hudson Yards and Hamptons X).
Each of the above membership offerings does have its perks and benefits, however, from a price perspective, we believe that these options are rather on the higher side. Although we acknowledge that Equinox does have a very specific niche market and target client base, we also in the same believe that there are many prospective memberships being left on the table.
Here are the prices of memberships at Equinox:
Single Club Access - $179.00 - $220.00 Per Month (Price varies by home club location)
All Access - $300.00 Per Month
Destination - $337.00 Per Month
Destination w/ Hudson Yards - $395.00 Per Month
There are only two other fitness facilities which we visited that compete with Equinox when it comes to prices; the first is Lifetime Health & Fitness Center and Fitometry Health Club. Both of these facilities are catered to a niche consumer in the same. We do think that although, Equinox does have a brand power in its name and service offering, we do think that the prices can be a deciding factors for many.
RECOMMENDATIONS
Consider a small price reduction to gain a larger member base. Although we understand the marketing behind higher pricing, we do believe that there is a huge untapped market of opportunity facing the company. Providing a slight pricing reduction can help with long term retention and increase acquisitions of quality memberships for a sustainable long term.
Consider being "Flash" promotional periods in which you provide value based membership and personal training options. A "Flash" promotional period may only last a day or two however, it is generally accompanied with some restrictions and immediate call to action.
OVERALL SCORE - 22 | AFMG RATING - B+
Equinox is most certainly one of a kind. The company ranks "B", and is our luxury brand pick for service and facility quality. Although, in the area of pricing Equinox grades lower than desired, the current price point influences opportunity for membership growth and member acquisition. Overall we enjoyed Equinox and truly believe that this brand will continue to be a major name in fitness for many years to come.