1/23/2024 0 Comments Equinox shopWalters said the team is strongly leaning on its instructors for marketing purposes and is currently looking into ways to let customers shop an instructor’s outfit after taking a class. It’s expected to reach $574 billion globally by 2024. Activewear has exploded in popularity since the pandemic began and has been one of the fastest growing categories globally since March, according to the NPD Group. Equinox declined to give specific revenue figures. But with gyms closed for so long, that number is way down. Pre-pandemic, Equinox had about 350,000 members spending a “ blended average” of about $3,500 per year, between membership dues (starting at $2,200 per year) and retail purchases, adding up to well over $1 billion in revenue each year. Our shops only average around 300-500 square feet, so there’s not a ton of free real estate to take up with untested brands.” “This lets us test on a larger scale to see where the appetite is. “Usually, when bringing in a new brand, we test it in 20 locations,” said Walters. If a brand sells really well in New York but not so well on the West Coast, Equinox can stock the brand in East Coast locations only. Additionally, e-commerce data can help with merchandising. If a brand starts to sell online really well, meaning that its sales outweigh the costs for stocking it in brick-and-mortar with margins to spare, the Equinox team will work to bring it in-store. Stocking a brand online, however, is a lower barrier to entry. Committing to stocking a brand in every single gym takes a lot of inventory and a lot of risk, especially since products are bought on a standard wholesale model. Equinox has 105 clubs across the country, including 35 in New York City alone, all of which have retail stores within them. Notably, Walters said that she’s looking at e-commerce both as a revenue driver and an incubator for testing those new brands. Every brand participating in The Shop was a brand Equinox already sold in-store, and Walters said Equinox is looking to add new brands soon. The store carries a number of brands like Rhone and Babor, though Walters said that the Equinox-branded products featuring Equinox logos, particularly face masks, have been outselling anything else on the platform so far.
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