New, fit model for the millennials
Matthew Allison believes that by creating a “third place” that can combine fitness and entertainment, millennials, or the younger generation, would be able to lead healthier, positive and socially vibrant lives.
So he went ahead and created Space, an active-lifestyle firm that operates premium boutique fitness studios.
Many young people, he said, face the challenge of balancing a demanding work schedule with healthy lifestyles. “Howard Schultz aimed to make Starbucks the ‘third place’ in people’s lives (the first place being home and the second workplace).”
In the 1980s, Allison found that many young people in China were seeking their “third place” in public spaces to stay healthy and fit.
He came to China in 1997 from the United States and launched Sony Music’s operations. He then decided to focus on health and wellness. He began by setting up yoga studios. He founded Space Yoga in 2005. His vision was to build fitness centers but with music as a central theme.
Space, then known as SpaceCycle, launched its first community in Beijing in 2016. Since then, it has opened three new locations across Shanghai and Beijing. It is now working with Alibaba Group, the lead investor in the B round of funding, to expand further and has found the business environment in China encouraging.
“The wellness market in China is developing faster than anywhere else in the world. There are a growing number of millennials who are focused on leading healthier and more positive lives.
“They are moving into cities with the challenge of how to do that in exciting, meaningful and social ways. Therefore, we are building a new business model in China that is, in many ways, ahead of what is happening in the US or Europe and we’re building it for very connected millennials,” said Allison.
“As we go forward, there are many other Chinese cities that I am interested to explore. I’ve always loved Chengdu and am fascinated by what’s happening in Shenzhen,” he said.