1280: COVID-19 - The Death of the Gym Industry?
Mind Pump: Raw Fitness Truth
Sal Di Stefano, Adam Schafer, Justin Andrews, Doug Egge
4.8 • 12.6K Ratings
🗓️ 27 April 2020
⏱️ 54 minutes
🧾️ Download transcript
Summary
In this episode, Sal, Adam & Justin discuss the future of the gym industry in the wake of the COVID-19 pandemic. Will it survive? This episode features the perspective of leaders in the gym industry, from the owner of a local personal training studio to the founder of 24 Hour Fitness.
- A conversation with Breann Mitchell, Director of The Bay Club Company.
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- How are Bay Clubs handling the shut down right now both with staff and members? (2:30)
- The interesting strategy they have implemented and how it is working out. (3:45)
- What are they doing to bring value to members so they can keep paying dues? (4:28)
- Their plans for re-opening. (5:20)
- The outlook on the future of Bay Clubs. (7:14)
- A conversation with Scott Howell, CEO of Red Dot Fitness.
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- How is Red Dot handling things at this moment? (7:45)
- Ways they’re bringing value and service to their clients to keep some revenue coming in. (9:53)
- How many members did they lose? (10:50)
- Their plans on re-opening when they get the green light. (12:08)
- Optimistic or pessimistic for the future? (13:25)
- A conversation with Jason Khalipa, CrossFit pioneer, and gym owner.
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- How he is managing his business at the moment. (14:40)
- How he is working with his members. (15:58)
- Is he worried about the future of his business? (17:40)
- How will he move forward when things reopen? (18:38)
- Will he have to change his business model based on new restrictions? (19:20)
- Will the average CrossFit box die? (20:17)
- What does the future look like for the CrossFit box owner? (21:45)
- Switching to digital the way of the future? (23:13)
- A conversation with Brendon Ayanbadejo, Super Bowl Winner, and Orangetheory Fitness owner.
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- How have his businesses been impacted? (24:23)
- Their plans for re-opening. (25:35)
- How will this affect their membership prices? (26:36)
- Is he fearful about the future? (27:06)
- How COVID-19 is affecting the new small business franchisee? (27:55)
- A conversation with Mark Mastrov, fitness empire builder of 24-Hour Fitness and current President/CEO at Fitness Holdings Inc.
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- How have his businesses handled the shut-down? (29:00)
- Have they gone digital to try and bring in revenue? (30:03)
- How they plan on operating when allowed to re-open. (31:00)
- Creating a strong community and a healthy environment. (33:15)
- How will they profit with fewer people in their facilities? (34:37)
- Mark’s candid take on the impact of COVID-19. (36:20)
- What is the future of the entire gym industry? (37:18)
- A Mind Pump candid recap of the conversations had. (39:35)
Related Links/Products Mentioned
- April Promotion: MAPS Prime/Prime Pro ½ off! **Code “PRIME50” at checkout**
- Special Promotion: MAPS Anywhere ½ off!! **Code “WHITE50” at checkout**
- Visit Everly Well for an exclusive offer for Mind Pump listeners! **Code “mindpump” at checkout**
- Bay Club: Sports + Fitness
- Red Dot Fitness
- Jason Khalipa
- Brendon Ayanbadejo
- Orange Theory Fitness
- Fitness Holdings Inc
- Tonal: The World's Most Intelligent Home Gym
- The Nearly Invisible Interactive Home Gym | MIRROR
- Mind Pump Free Resources
Featured Guest(s)
- Breann Mitchell (@bod_by_bree) Instagram
- Red Dot Fitness (@red_dot_fitness) Instagram
- Jason Khalipa (@jasonkhalipa) Instagram
- Brendon Ayanbadejo (@brendon310) Instagram
Transcript
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| 0:00.0 | Today's episode is brought to you by our sponsor, Everly Well, |
| 0:03.4 | makers of at-home testing kits for hormones and health. |
| 0:06.8 | You can go to EverlyWell.com. |
| 0:09.0 | That's EVERLYWEL.com and use the code MindPump for 25% off any test. |
| 0:17.6 | Also, there's only four days left for the Maps Prime and Prime Pro 50% off sale. |
| 0:23.5 | To take advantage of that promotion, just go to mapsfitinistproducts.com |
| 0:28.2 | and use the code Prime50, |
| 0:30.5 | PRIME50, no space for the discount. |
| 0:34.1 | If you want to pump your body and expand your mind, |
| 0:37.4 | there's only one place to go. |
| 0:39.9 | Mind, hop, mind, hop with your hosts. |
| 0:43.0 | Salta Stefano, Adam Schaefer, and Justin Andrews. |
| 0:47.3 | Today's episode of MindPump is a unique one. |
| 0:50.1 | It's becoming very clear that the $90 billion brick and mortar segment of the fitness industry |
| 0:55.5 | is one of the hardest hit segments of our economy. |
| 0:58.8 | Jim's studios and group-class facilities |
| 1:00.9 | will order to be shut down by local, state, and federal governments all around the world |
| 1:05.1 | and there's tremendous uncertainty over when they'll be able to reopen |
| 1:08.3 | and what that'll even look like. |
| 1:10.1 | These fitness businesses rely heavily on human contact and on sharing equipment. |
| 1:14.8 | Are they even going to survive a post-COVID world? |
| 1:17.6 | Are consumers even going to want to go back to working out the way they did before? |
... |
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