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Gyms Predicted To Lose $10 Billion, 1/3 May Close Permanently

danieltx

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https://www.msn.com/en-us/money/com...ue-hit-as-members-flee/ar-BB14Co9b?li=BBnb7Kz

Fitness clubs rocked by Covid-19 closures face a swell of bankruptcies, with more than $10 billion in revenue wiped out as clients ditch memberships, according to investment bank Harrison Co.

In a Harrison survey of 1,000 fitness club users, more than a third said they have canceled or plan to terminate existing memberships.

“There are 38,000 locations throughout the U.S., and about a third have a reasonably high probability of being shut down,”
Paul Byrne, an investment banker at Harrison who was formerly the president at elliptical maker Precor, said in a Bloomberg Television interview. A large number are “probably not going to make it through this.”

Gyms already loaded with debt are facing long-term declines in revenue despite social-distancing measures to fight the spread of the coronavirus beginning to ease across the U.S. People are likely to continue shunning closely-packed fitness centers to avoid being in close proximity to other individuals even as the economy reopens, according to the report.

“The No. 1 concern we had in our study is cleanliness,” Byrne said. He expects more brands to go digital, and many boutique studios to raise class prices to keep up with rent payments.

The owner of the New York Sports Clubs chain and Gold’s Gym are among firms that have weighed bankruptcy or already filed.

“The short-term issue for a lot of them is liquidity,” Byrne said.
 

Kid Dynamite

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My gym is a mom and pop gym now. It was a powerhouse, but they changed the name like 5 or 6 years ago. Im assuming they didnt want to pay powerhouse CEO to keep using the name. But I got an email a few weeks ago, and I think my gym is going to shut down permanently. They are moving in a LA Fitness literally right next door. There is suppose to be a town hall meeting to stop it or something to that effect, but unfortunately It doesn't look good. Sucks because I dont want to train at a chain gym. Way to damn crowded, but might not have a choice now..

Gyms are bad business, I would never invest in a gym, unless it was an established MMA one. These chain gyms, like Lifetime Fitness, LA Fitness, Planet Fitness, etc.. You cant compete when they are charging $9/month.. sucks they run the small private ones right out of business.
 

brutus69

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dean caputo opened a powerhouse at the end of january here in streetsboro ohio and covid shut them down within 2 months. they just opened up today, its a really nice gym. but planet fitness is 5 minutes away and theres another real gym 15 minutes away in twinsburg and those guys were running a 150 dollar membership for a YEAR.....crazy cheap for what they have there....
i dont see all 3 places lasting sadly....caputo is a legend here and his place is cool, all 80's heavy metal. throw back.
 

bad rad

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The other half is that the bulk of members bought all the equipment they'll need to maintain they physiques. It's the hardcore BBer, PLers, and OLers that get the most out of those places to train.
 

MightyJohn

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Being in the gym business for 18yrs...the profit margin is low, if they rent prime real estate even lower
 

hawkmoon

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Though I don't utilize it, my gym is a personal training gym first and gets hefty fees from wealthy clients.
Even though my gym's running costs are probably very high, they maintain healthy profitability.

This is a bad time to be a "regular" gym.
 

nothuman

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I'm hoping they reduce the rates of the gyms around me. They crush us over here with the fees. It's only huge commercial gyms.
 

BigGame

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Some gyms are even implementing limiting the amount of people inside and having you make reservations for a workout. Not good.
 

danieltx

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My gym is a mom and pop gym now. It was a powerhouse, but they changed the name like 5 or 6 years ago. Im assuming they didnt want to pay powerhouse CEO to keep using the name. But I got an email a few weeks ago, and I think my gym is going to shut down permanently. They are moving in a LA Fitness literally right next door. There is suppose to be a town hall meeting to stop it or something to that effect, but unfortunately It doesn't look good. Sucks because I dont want to train at a chain gym. Way to damn crowded, but might not have a choice now..

I wouldn't complain about having an LA Fitness move in - they have the best balance sheet of any gym chain so you won't have to worry about them closing down.

I personally enjoy big chain gyms much more than most independent, 'hardcore' facilities. Those are usually see and be seen places with kids in their name brand workout apparel, with 5-6 people crowded around one piece of equipment motivating one person through their set. Give me a big chain gym with plenty of equipment, nobody under 40, multiple locations to choose from, where I don't come within feet of others any day of the week.

One of our local 'we think we're hardcore' gyms seems to be digging its own grave. They kept billing members while closed, and since reopening the new rules are:
  • Masks are REQUIRED - not just between sets, but when you're actually lifting
  • No new members allowed to join
  • T-shirts are REQUIRED - no tank tops, no sleeveless, even though we know coronavirus doesn't spread through sweat
  • No bags of any kind on gym floor
  • 20 people allowed in at a time
  • You have to record the time you entered the gym, and once capacity is hit, you have 60 minutes FROM THE TIME YOU SIGNED IN to finish
  • Can't use the kitchen
Naturally, it got many 'WTF' comments on social media, and the owner's response was, 'We are happy to stand out with regards to the safety of our members and trainers'.

It's mind-boggling that a small, independent gym would put much more onerous restrictions in place than most big chains.
 

Creation

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I highly recommend Life Time if oyu have one close by you dont have to wear gloves or mask and dont have to reserve a time to workout.
 

BigGame

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Unreal some of the restrictions gyms are implementing. If you are open, be open. Otherwise, stay closed.
 

buck

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To reopen a gym in much of the US the governments rules have to be followed or they risk their business licence or being shut down. If some one doesn't want to follow the rules they don't have to workout there. Real lifting gyms have been dying off for the last 30 years this will just make it a little quicker. The up side is there should be a lot of gym equipment for sale cheap in the future once the gyms open and the other people that bought stuff realize they wont really use it, as most people don't end up using the training gear they buy for home.
 

IronLion2

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I almost opened a small private gym two years ago, I'm so thankful I saw the light
 

pheenix

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I almost opened a small private gym two years ago, I'm so thankful I saw the light
I actually believe small private gyms are the future. Solid motherfkrs, clean, proper shit, no fkn public bs.
 

tren_plz

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I wouldn't complain about having an LA Fitness move in - they have the best balance sheet of any gym chain so you won't have to worry about them closing down.

I personally enjoy big chain gyms much more than most independent, 'hardcore' facilities. Those are usually see and be seen places with kids in their name brand workout apparel, with 5-6 people crowded around one piece of equipment motivating one person through their set. Give me a big chain gym with plenty of equipment, nobody under 40, multiple locations to choose from, where I don't come within feet of others any day of the week.

One of our local 'we think we're hardcore' gyms seems to be digging its own grave. They kept billing members while closed, and since reopening the new rules are:
  • Masks are REQUIRED - not just between sets, but when you're actually lifting
  • No new members allowed to join
  • T-shirts are REQUIRED - no tank tops, no sleeveless, even though we know coronavirus doesn't spread through sweat
  • No bags of any kind on gym floor
  • 20 people allowed in at a time
  • You have to record the time you entered the gym, and once capacity is hit, you have 60 minutes FROM THE TIME YOU SIGNED IN to finish
  • Can't use the kitchen
Naturally, it got many 'WTF' comments on social media, and the owner's response was, 'We are happy to stand out with regards to the safety of our members and trainers'.

It's mind-boggling that a small, independent gym would put much more onerous restrictions in place than most big chains.

Extreme Iron Pro Gym?
 

xpoc

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I for one LOVE my gym. I love all gyms and generally speaking, its because of MOST of the people who go there. I work out every morning at 530am. I belong to a commercial chain gym. I see the same people every morning. They are my tribe. We are "intimate strangers." I only personally know a handful of them. A few I consider friends. Most, I don't know anything about....except for the fact we are all suffering from the same affliction. We all strive to be something better than we currently are. In the gym, we might only give each other a head nod. But, now, since the shutdown, if I see them around town it is like we are old high school buddies at our reunion, reminiscing on old times wondering when the band will get back to together. Like I said, my gym peeps = my tribe.
 

xpoc

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BTW I am retiring next month... my dream is to own or run a gym. I would love to run a mid-sized gym, no frills, just weights and cardio equipment with a couple bathrooms. The problem is, it would lose money. If I were rich, FXCK IT, I would take the loss and run the best lil gym around...it would be my passion. I don't need to make money, but I simply am not in a position to lose money. I need to find a guy/gal with my mentality, who has the money, but doesn't have the time to run the gym. I would do it! Dream job for sure.
 

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