Inflation is not only affecting American citizens. It affects everyone. Businesses are feeling the pinch of rising costs plus consumer spending side effects. Which companies are of note? Walmart has gone through several changes in 2022. Who else? Other retail stores are noticing changes in consumer habits. This time the affected business is in the fitness industry.
The fitness brand notes that specific locations got chosen. The decision relates to the changing consumer behavior. Some customers moved to areas farther from the business location. Meanwhile, others exercise at home. (source)
High-intensity indoor cycling is losing popularity with Americans. Peloton recently announced the layoffs of 800 workers. Now, SoulCycle plans to close 20 locations across America. (source)
Where will most of the closures happen?
Most of the closures will happen in New York. This shuttering of indoor exercise studios will also affect other states. Such as California, Massachusetts, Illinois, Florida, Georgia, and Washington. After the closing happens, SoulCycle will have about 65 locations left in the U.S., Canada, and the U.K. A SoulCycle spokesperson commented on the decision. (source)
"Some of these shifts have been based on geography and therefore we are naturally reevaluating our portfolio of studios to assess whether there is an opportunity to right-size in certain markets. This will allow us to continue to provide riders with the SoulCycle experience they know and love."
What do you think?
Share your thoughts in the comments, and feel free to share this article on social media and with your friends and family.
*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.*