Upscale fitness chain Equinox seemed to be throwing in the towel. In January, gym members in select markets started receiving messages about a new club benefit: a training program that was, according to Equinox, a “one-of-a-kind approach to weight loss with GLP-1.” Coming soon after WeightWatchers’s launch of a telehealth program to prescribe weight-loss drugs for its members last December, Equinox’s so-called GLP-1 training “protocol” looked like another admission that diet and exercise were no match for powerful drugs such as Wegovy and Zepbound (or Ozempic and Mounjaro, which are approved for treating Type 2 diabetes and frequently prescribed off-label for weight loss). And as Equinox sought lenders to help it refinance some $1.5 billion in maturing loans, it seemed like a Hail Mary. Given the seemingly effortless weight loss possible with drugs such as Wegovy or Zepbound, why would anyone bother going to the gym at all?
As it turns out, that’s just how lazy people think. And lazy people don’t go to Equinox. “I’m fortunate to have a membership base that understands the bigger picture,” says Michael Crandall, a longtime personal trainer at one of Equinox’s private-training-only E Clubs in New York City. “Just because you’re at a healthy weight, or on the path to a healthier weight, doesn’t mean fitness wouldn’t have a strong purpose in your life. As far as I can see, demand for memberships and training are just growing because of these drugs. I’m having to say ‘no’ [to potential clients] more than ever.”
Based on the enthusiastic response in its test markets, just three months after minting its first batch of GLP-1-certified personal trainers, Equinox says it is now serving GLP-1 clients in every single market. And in March, Equinox parent company Equinox Group—which also operates brands including Equinox Hotels, Blink Fitness, and SoulCycle—announced it had raised $1.8 billion in new capital and credit for refinancing and expansion. With 104 U.S. locations today, Equinox says it plans to add more than 25 gyms in “major markets.”
Equinox’s GLP-1 protocol is not a one-size-fits all program, but more a set of best practices—developed by Equinox’s new Health Advisory Board, a combination of fitness professionals and doctors—that the company’s personal trainers can draw on in helping clients who are experiencing the dramatic physical and metabolic changes that drugs like Wegovy can bring about.
“The drugs do an incredible job of putting people in a state of losing fat mass,” says Crandall. Strength training is important to help ensure that they maintain or mitigate the loss of muscle mass, which can be a problem for people taking weight-loss drugs. Personal trainers also do a lot of lifestyle coaching. Because people taking GLP-1s like Wegovy and Zepbound often want to eat less, they may not consume enough protein to build muscle, and “they may not have enough energy to do incredibly difficult workouts,” says Crandall. In working with numerous clients who have taken GLP-1 drugs, Crandall says that none have stopped taking the medication—though some are weaning off—and none have reverted to their previous weight.
Equinox is not partnering with drug companies, or helping members to get access to Wegovy, Zepbound, and other GLP-1 drugs. But other fitness chains are: In October 2023, Life Time, which operates about 170 Life Time “athletic resort” destinations in North America, announced a pilot program to prescribe weight-loss injections for members. In December, Xponential Fitness—whose boutique fitness franchises include Club Pilates, Pure Barre, and Rumble—announced it was acquiring “metabolic health” brand Lindora, which currently offers weight-loss medications, hormone replacement therapy, and IV hydration at 31 clinics in Southern California and Washington State.
The average cost of personal training at Equinox is $160 per session, and last May, Equinox announced plans to hire 5,000 new personal trainers, suggesting a considerable unmet demand. While the company declined to say what percentage of customers use personal trainers, the Health and Fitness Association’s 2023 Health Club Membership Trends report found that, industry-wide, 16% of gym members partake in personal training. The specialized GLP-1 offering promises to boost those numbers at Equinox, and as the brand positions itself as lifestyle and wellness hub, it is seeking additional ways to monetize memberships, too.
Last May, it announced the Equinox Circle program, which gives gym members access and perks at partner brands across health tech, nutrition, and travel, including “smart ring” maker Oura, helicopter service Blade, restaurant-reservation platform Dorsia, sneaker-and-streetwear marketplace StockX, and supplement maker Thorne. This April, Equinox launched a partnership with Function Health, a subscription lab-test service, to develop personal training programs based on individual biological data.
These efforts seem to be working. The company reported in March that 2023 revenue was up 27% year over year. (Equinox reportedly raised membership fees last year.) That tracks with the industry at large: according to the Health and Fitness Association, membership at U.S. fitness facilities reached a historic high of 68.9 million in 2022, and 2023 numbers were expected to be even higher.
But some early indicators suggest that 2024 may not be so bubbly for fitness chains. According to mobile phone location data for 10 chains—including Equinox, Xponential Fitness, and Planet Fitness—tracked by Placer.ai, foot traffic to gyms in January 2024 was flat from January 2023. Considering that January visits to these clubs rose more than 40% in each of the past two years, this suggests that the post-pandemic gym boom may be over.
Equinox is banking on the notion that it’s not your average gym: that all of its extras, including the new GLP-1 protocol, will help it succeed in a future where weight loss plays less of a role in motivating people to get to the gym.
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