Do You Really Know How Your Spa is Doing?
By Judy Singer President & Co-Owner, Health Fitness Dynamics, Inc. | August 10, 2010
Is the Spa Industry Fiscally Healthy?
We all know that any new four or five-star resort and many luxury urban hotels need to have a spa in order to stay competitive. While the supply of spas has been on a steady rise for many years, the growth has slowed and this is probably good because there are some challenges that need to be addressed... The supply has out-paced the demand, the labor pool from management to service providers is quite limited, and there isn't enough reliable economic information.
These may be "symptoms" that need further examination in order to address any "health" issues that could impinge on the well-being of our industry. It used to be that if the Spa had a unique concept, was planned to be operationally efficient for the staff and comfortable for the guests, had a well-conceived and executed marketing plan and was well-managed, it would be a financially profitable venture. The challenge has been to define "what is financially profitable." It may be time to really have a "fiscal check-up" to see just how healthy we are.
Lots of Information But Do We Have What We Need?
As a relatively young industry, there has been quite of bit of research conducted as it relates to the Spa Industry. Some findings have been useful and some are purely interesting, but at this point in our industry's development, are we getting what we really need to have a financially profitable business venture?
The following types of studies have provided some good information: