Bahram Akradi, director general of Life Time Fitness, said on Thursday that there could be a “slight degradation” in the sports industry as more people choose to work out at home, although gymnastics will return to their clubs anyway after removing Covid-19 restrictions.
“I think a little degradation is possible,” Akradi told Squoku on the street. “Although home training is something that they (gym members) have to do when they have no choice, they still crave the opportunity to go to clubs and join their communities.”
Gyms were among many businesses that were forced to close their doors across the US as the outbreak of coronavirus intensified earlier this year. Although not all states have since lifted restrictions on visits to gyms, which health workers warn may pose a high risk of Covid-19 transmission, many have allowed fitness businesses to return with disabilities.
However, months of closed doors hurt some fitness companies, while others stimulated. Gold’s Gym filed an application to participate in Chapter 11 on May 4 with plans to close about 30 company-owned gyms. Meanwhile, shares of Peloton, a manufacturer of exercise bikes, have grown more than 100% since the beginning of the year, as demand for home fitness is growing.
Akradi said that while more members of the company had to sweat at home during the coronavirus outbreak, they seemed even more “determined” to return to clubs and join their communities when the states reopened.
“It’s like music, you can listen to any song for free in some kind of application or something else, but people still pay a lot of money to go for live entertainment,” Akradi said.
According to Akradi, Life Time Fitness works closely with local governments to safely open their gyms. He said the company will work with the government in every way possible in those states where the number of cases of coronavirus is growing.
“Life brings problems, and when there are problems, you just put up with it,” he said.
Disclosure: CNBC’s parent company, Comcast-NBCUniversal, is an investor in Peloton.