Gym Group recognizes the demand of the new generation

Young people bound for home space have helped push. "Quick recovery" in the number of members at Gym Group The gym operator said memberships had increased by a third since February when the site reopened.More than two-thirds of its members are under 34, and the company says many young people don't have a space to exercise at home.The chain, which has 190 factories, aims to open 40 new gyms by the end of 2022, replacing existing stores.

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Richard Darwin, Chief Executive Officer Richard Darwin, told BBC's Today, "The gym is always important to people. And I think that's coming into our number.While many people work from home during the lockdown Darwin said that many young people "There is no space... to exercise at home.Gym Group is a budget gym operator. where customers do not have to make an annual contract It said subscriber numbers hit 730,000 at the end of June this year,

compared with 547,000 at the end of February 2021 during the lockdown. This compares to a peak of 891,000 members in February 2020, before the first coronavirus lockdown measures were introduced.The gym reopened in England on April 12 this year and later in Scotland, Wales and Northern Ireland.Gym Group reported a pre-tax loss of 28.5 million pounds in the six months to the end of June. while sales fell 21.4 percent to £29.3 million.

retail space

However, despite the loss, the company still wants to expand.It said it plans to repurpose vacant retail spaces on High Street, which has seen closures of chains like Debenhams and Topshop accelerate during Covid.Gym Group has opened seven new sites this year and plans to open 40 more by the end of 2022.Mr Darwin said “We have found that there is a lot of real estate available. Especially in retail stores, which is ideal for gyms. because there are accessible and well-marked parking areas,

However, Dan Lane, senior analyst at investment platform Freetrade, said the Gym Group's website launch needed to be done "in an efficient way" and not to end with a "big deal." "Reducing overall profits just for the sake of normalization"The rush to confiscate more assets while the current assets are not at their full capacity. And the few of us returning to the office are a sign of how much foot traffic the group needs