Pandemic Fallout: Alchemy 365 Closes Uptown Studio
Even with gyms open again, the studio fitness industry isn’t bouncing back quickly. Minneapolis-based Alchemy 365 announced Tuesday that it will close its Uptown studio in effort to stabilize the business.
One of five Twin Cities locations for Alchemy 365, which also has two studios in Denver, Uptown has been hardest hit by the double whammy of Covid-19 and social unrest, co-founder Molly Hanten said. “It has seen by far our greatest decrease in visits, memberships, and revenue since reopening, and more so since the riots in Uptown began.”
Founded in 2015, the boutique fitness company specializes in blending yoga, cardio and strength training into one class. Early in the pandemic when gyms were forced to close, Alchemy 365 pivoted to online classes and has since gained 3,000 digital subscribers for its Alchemy Anywhere program. But company leaders said it hasn’t been enough to offset loses and so they are “doing whatever it takes to survive.”
Alchemy 365 studios are currently limiting class sizes to meet Covid-19 restrictions. Hanten said the plan going into winter is to add classes, not capacity.
“Safety of our customers and staff is our top priority, and maintaining a safe exercise environment makes our business model not work in the short-term, so we have to make continual adjustments to how we operate our studios in order to survive the pandemic,” Alchemy CEO Mike Jones said in a statement. “One of those adjustments is to close a studio if the amount of customers no longer supports operating in that location.”
Alchemy 365 isn’t ruling out a possible return to Uptown. The company described the closure as “indefinite.”
“We’re very sad to have to close a location that holds memories of first pull-ups, friendships, and incredible growth for our athletes and staff,” Hanten said. “We will miss Uptown as a neighborhood and will never forget the two amazing years of memories we’ve shared with our customers.”