I know, i know, Barry’s and 1Rebel are totally different workouts but I thought it would be fun to dive into the financials of two of London’s most loved fitness boutiques and see how they weathered the coronavirus pandemic and look ahead to the future as they get back on track.
Firstly, lets remind ourselves what happened.
Essentially, for the best part of 18-months studios were either shut or operating under restricted capacity. Strict screening and cleaning measures were implemented including on the door temperature checks, social distancing and enhanced cleaning.
Both Barry’s and 1Rebel saw roughly a 50% drop in class attendance in 2020. The saving grace for both was their ability to quickly offer ‘at home’ versions of their studio classes to keep the fans engaged.
Unsurprisingly, revenues were significantly impacted over the period.
At the time of writing we’ve now had two full years of back-to-normal operations. From personal experience, 2022 felt like a year of ‘survive’ where studios were slowly finding their feet and class capacity felt lower than pre-pandemic levels. People were figuring out how their workouts fitted into their new hybrid working patterns and how studio workouts fitted in to newly adopted at-home workout regimes. In London, there was also a noticeable churn of city dwellers where many socially mobile families decided to permanently re-locate to the countryside. Studios have had to work hard to draw existing clientele back and mobilise a new customer base.
But by the second half of 2023, it felt like a return to normal. Classes are now busier than ever and prime-time class waiting lists are full.
I predict that revenues (yet to be reported) for both will reflect a return to pre-pandemic levels in 2022 and sustained growth at pre-pandemic growth rates in 2023. These two favourites amongst fitness boutique goers will bounce back stronger than ever and continue to thrive in years to come. Amen!
