Shopping Centers Today International

DEC 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 73 of 143

management prefers high ratios: The more riders within the space, Harris says, the greater the energy level in the class. "It creates a vibe that is so electric, it motivates our riders to push them- selves a little further each class," she said. "CycleBar remains committed to the three original ingredients for a suc- cessful indoor cycling experience: great instructors, great music and a great environment." Management also likes for the riders to feel as though they are, so to speak, "off the grid," says Harris. This means no cell phones or other dis- tractions — only the bike, the rider, the instructor and the music. "Riders get addicted to the energy we bring to each class, and before they know it, they are coming in telling us that they have lost five, 10, 20 pounds," Harris said. "The effective workout is what ultimately keeps riders coming back." CycleBar operates three company- owned units: the first is the unit in Wellesley; the second is in the Hyde Park neighborhood of Cincinnati; and the third is in Royal Oak, in Michi- gan's Oakland County. The company began selling franchises in January, of which it has since sold about 130. "We are thrilled with the positive response from interested franchise partners to help expand the brand into more than 30 markets," Harris said. "Our overarching goal is to have 100 studios open to riders by December 31, 2016, which will include franchise and cor- porate locations." Still, the majority will be franchised, she says. Plans are to have five corporately owned facili- ties by the end of next year, and 20 by 2018. The next company-owned gym is scheduled to open next year, in Co- lumbus, Ohio. CycleBar prefers spaces of roughly 3,000 square feet, Harris says, and ideally the studios should be located in high-end trade areas with lots of re- tailers that cater to women. "CycleBar thrives in lifestyle centers — premium shopping centers right on the cor- ner of busy and busy," she said. "We like to be located on the street level, alongside prime grocery centers and restaurants or big-box and little-box fashion retailers focused on the female audience. The CycleBar brand brings females 25 to 54 with discretionary in- come to our studios. We will filter this demographic to our co-tenants, bring- ing eyeballs multiple times a week to the shopping centers that will be look- ing at our co-tenants as well." The company seeks to pick from a professionally diverse and sophisti- cated grouping of community-minded franchisees with a passion for the field, so that it can keep growing in such major markets as Atlanta, Chi- cago, Dallas, Houston, Los Angeles, New York City and Philadelphia. "We like for our potential franchi- sees to be current franchise owners, C-level executives, lawyers and doc- tors, professional athletes or existing entrepreneurs," Harris said. The 3,000-square-foot flagship in Casto's 588,000-square-foot Rookwood Commons, in Cincinnati, boasts such co-tenants as Bed Bath & Beyond, P.F. Chang's, REI and Whole Foods. "The CycleBar customer profile is upscale female, and locational preferences in- clude lifestyle centers, power strip cen- ters with a strong fashion presence, and high-end or specialty grocery-anchored centers," said David Nicolson, presi- dent of Weitzman Group's San Anto- nio office. (Weitzman Group is Cycle- Bar's national broker.) "Centers where CycleBar locates will benefit from CycleBar's strong repeat patronage by high-income shoppers with a tendency for cross-shopping within the center for other goods and services in a conve- nient manner." SCT For leasing, contact Jason Rush, director of real estate and construction management, at 74 S C T / D e c e m b e r 2 0 1 5 r e T a i l i n g T o d a y

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