MULTIPLES vs INDEPENDENTS
MARKET TRENDS
Flipped the other way, looking at all multi-site boutique brands: ■ In 2018, 49.7% were Cardio studios and 41.8% Mind & Body studios. ■ In 2023, these numbers are 60.5% and 32% respectively, with Cardio growing its share of the multi-site segment. And looking at all independent boutique studios: ■ In 2018, 30.4% were Cardio studios and 37.6% Mind & Body studios. ■ In 2023, Cardio is sitting at 30.6%, while Mind & Body’s market share has fallen to 30.6%.
Other interesting findings from our research show nuances emerging around studio types in multi- location brands versus independents. ■ Over three-quarters (76% / 121 studios) of Cardio studios are now part of a multi-location brand – compared to two-thirds in 2018 – while just under a quarter (24% / 38 studios) are single-site independents. ■ Almost two-thirds of Mind & Body studios (63% / 64 studios) are part of a multi-location brand – compared to 58% in 2018 – while just over a third (37% / 38 studios) are single independent sites.
Boom Cycle’s four studios place it in our multi-site Cardio category
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LONDON BOUTIQUE STUDIO REPORT 2023
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