OPERATOR PERSPECTIVE
What’s next for Psycle? We’ve experienced good momentum since COVID, with consistent profitability, which is pleasing. We’re now looking at three or more high priority greenfield sites in London, after which we’ll start to look at the white space beyond London. Bigger picture, I believe the future of boutique lies in the ability to reach scale. Consolidation under one brand represents a great opportunity to achieve that. There are a large number of small operators that are running on survival right now, not able to invest in their people and not delivering a good enough product consistently. They’re using deep discounting to drive footfall and devaluing what boutique stands for. I believe the way for these businesses to succeed is to start to think about ways to pool their assets, driving economies of scale that will help them uplift the quality of their product, offer consistency to the customer and slowly regain price appreciation. It’s important to be remunerated in a way that creates a sustainable business and that allows you to become long-term viable. I believe that joining bigger, more established businesses is the way to do that. Our vision is to do this under a Psycle umbrella, with ambitions to roll out our other products alongside Ride.
Pre-COVID, there were too many operators charging premium prices for average products. There is no space for that now.
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LONDON BOUTIQUE STUDIO REPORT 2023
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