OPERATOR PERSPECTIVE
PSYCLE
The future of boutique is positive, but only if we stop the downward price spiral and build sustainable businesses, says CEO David Watt
What’s the Psycle story? Psycle launched in 2014 with an ambition to get people hooked on the transformative power of movement. Its fundamental belief: that the state of people’s health has a direct influence on how they feel, and that how they feel determines the attitude and energy they bring to their lives. It’s why Psycle stays away from the data. Just come to class, move your body, get lost in the music and free your mind. This is the judgement-free philosophy that has won the brand a loyal following of customers. Over subsequent years, the Psycle product has been refined to be as good as it can be, including a heavy focus on instructor training and development which continues to be a strength for the brand today. I joined the company in 2017, having led a media events business through a successful exit as CEO. That year,
Psycle added three additional concepts to its roster – strength, barre and yoga – before adding to its portfolio of studios in 2018, with the extension of Mortimer Street across all five floors and the launch of our first residential studio in Clapham. That same year, we launched memberships and a benefits package to encourage people to commit and take part in more than one concept. Ride remains our north star, available in all our locations, but we also recognise that there’s no one perfect workout, and that a rounded approach to training is critical to a healthy body and mind. Where we have bigger spaces, we’ve therefore introduced additional studios and rolled out concepts that match the demographics of the local market. Of course, this also allows the business to maximise its commercial potential by utilising all available space.
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LONDON BOUTIQUE STUDIO REPORT 2023
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