STUDIO CLOSURES
TOTAL MARKET
A review of boutique studio closures across London since our last report leaves no doubt as to the extent of COVID disruption, the 40 closures in 2020 a clear turning point in what had, until then, been a boom sector.
Number of boutique studio closures in London (2019–23)
50
40
40
35
30
20
19
12
10
10
0
2019
2020
2021
2022
2023
as best they could, only calling it a day when the financial crisis tightened its grip in 2022. The individual stories will no doubt have their own nuances, but the positive news from our data is the comparatively low number of closures in 2023 to date – just 12 at the time of our data analysis (15 October).
But why did we see a dip in 2021, only for closures to spike again in 2022? For a definitive answer we would need to speak individually to each operator and each site, but logic suggests that as lockdown eased, businesses that had survived 2020 continued to push through 2021
There’s been a comparatively low number of closures so far in 2023
43
LONDON BOUTIQUE STUDIO REPORT 2023
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