The fitness industry has taken a huge hit as states, trying to mitigate the spread of Covid-19, forced brick-and-mortar facilities to close. There were approximately 62.4 million members of Health Clubs in the U.S. in 2019, according to the International Health, Racquet & Sportsclub Association, with the industry recently valued at $34 billion, according to Ibis World.

The market is rapidly shrinking. Classpass, an online marketplace that connects studios and users, said 95% of its revenue dried up in April due to the virus, and 53% of its staff was laid off or furloughed. Flywheel, a cycling studio, and Solidcore, a pilates studio, laid off nearly all their staffers because of the pandemic. Gold’s Gyms and 24 Hour Fitness filed for bankruptcy.

To shore up their ailing businesses, gym owners are taking them to the streets. Holding classes outdoors provides these studios, among the last to gain authorization for reopening in many states, an alternative to less profitable online offerings… READ MORE @ CNBC

Tags: