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flex gym reopening ?

 
stx2020
(@stx2020)
Advanced Member

has anyone heard if there is plans for the gym to reopen under new management or new owners ?

one would think that someone would be interested with all that equipment still sitting in there

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Topic starter Posted : June 2, 2012 3:03 pm
vicanuck
(@vicanuck)
Expert

The equipment is more than likely leased. A wise business owner would never purchase equipment that depreciates as fast as fitness machines. The leasing company in the states that owns it probably hasnt gotten around to seizing it yet or may not know its been abondoned. Just my guess...

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Posted : June 4, 2012 11:53 am
eeva1122
(@eeva1122)
Advanced Member

The equipment is more than likely leased. A wise business owner would never purchase equipment that depreciates as fast as fitness machines. The leasing company in the states that owns it probably hasnt gotten around to seizing it yet or may not know its been abondoned. Just my guess...

As far as I know, the equipment were initially bought cash, refurbished, by Chin of Powerho. No company that I know of extends leasing of equipment in the VI. Chin is trying to sell the equipment to people I know and I think he still holds the lease since the Flex VI owners, according to him, failed to pay him as well as the rent to Golden Rock.
With the history of other gyms here on STX, I don't think it's a good business decision to re-open another gym bigger than what Paradise used to be. Aside from Beeston, I was told no gym lasted more than 5 years on the island.

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Posted : June 5, 2012 11:56 am
vicanuck
(@vicanuck)
Expert

As I suggested...a wise business owner (or anyone else for that matter) would never purchase equipment that depreciates as fast as fitness equipment. I wish him good luck in finding a buyer for the equipment and a tenant for the space.

There are many equipment leasing companies on the mainland that lease equipment to businesses in the VI. As a business owner with some leased equipment, I know this first hand.

With regard to the re-opening a gym with the same business model...we dont have enough population to support the "churn" required for the monthly membership model. Beeston's model is quite different and they will continue to enjoy good success.

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Posted : June 6, 2012 12:02 pm
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