Gym chain Equinox has entered the e-commerce space with an online store featuring more than 80 apparel, wellness and skincare brands in a new commitment to retail. The endeavor is an effort to test products that could be added to retail spaces at its 105 clubs, as well as boost its overall revenue.
The chain’s 350,000 members each spend an average of $3,500 per year, with gym dues starting at $2,200. Amplifying spending outside regular membership fees will help battle pandemic losses and the company’s mounting debt.
Equinox has approximately $1 billion in outstanding debt and is facing a February 2021 deadline to repurchase some debt tied to its SoulCycle acquisition. It took on a new $150 million loan in June to help ride out the pandemic.