Post by Alexandre M.

🏋 Europe's fitness market hit a record €39.1 billion in 2025. • In the same year, 936 clubs changed ownership and the biggest US-listed boutique franchisor cut its 2026 revenue guidance by 16%. • Those two facts are not in tension. They are the same story. The category is growing and thinning at once. • ➡️ Demand for boutique fitness has never been higher. Boutique economics, for the single-site operator and the over-levered chain, are not following demand up automatically. ➡️ The boutique problem was never demand. It is the cost of the room: premium positioning locks you into prime rent, and prime rent does not flex when a Tuesday 6pm class runs at 60 percent. • This week's Salus Brief: who survives the next 24 months. Why value is growing faster than volume, and who's capturing it: 👉 The Xponential Fitness warning, and what it tells European chains. 👉 The portfolio model out of Brazil that actually solves the fixed-cost problem, think BEON Studios, Smart Fit 👉 The European operators (ANIMO STUDIOS, Mix Brussels, Monday Sports Club, Sant Roch, David Lloyd Clubs executing different routes (Paris, Brussels & more), and the US warning sign. • Link in comments. And subscribe to SALUS for more.