A Yaletown spin cycle studio has suddenly shuttered.
YVR Cycle announced that effective April 4 the business was closed permanently.
"This message is one that I’ve been dreading to send. Effective today, we are regretfully deciding to close down YVR Cycle," writes owner Andrew Obrecht in a post on the studio's website and in an email sent to members.
YVR Cycle is part of a chain that includes four other studios in Calgary and Edmonton.
"We simply didn’t see the pace of growth that we needed to sustain the business in Vancouver, which meant that our Alberta studios were helping it stay afloat," Obrecht writes.
He explains that while the location, which had previously been the Vancouver location of SoulCycle, was already set up as a spin studio (which meant lower start-up costs), the monthly rent was too high to make YVR Cycle viable.
"The reality of this location for us is that we have lost money 17 out of the 18 months that we’ve operated in Yaletown," explains Obrecht. "We started with an uphill battle with rents at +$26,000/month and a studio that is larger than we typically build."
In the letter, Obrecht notes plans are being made for members and pass holders.
Some locals have expressed frustration with the business on social media because of how sudden the closure was, pointing out people were able to buy passes and memberships just before the closure was announced and are now left trying to figure out new plans.
"I feel truly sorry for the employees and the YVR Cycle community. The way this was handled is very frustrating," writes Bruna Alvarenga on Instagram.
