LA Gyms Bulk Up in Vacant Retail Spaces, Bringing Sweat to Struggling Malls and Shopping Centers
As retail spaces struggle with increasing vacancies, gym operators like Equinox and Royal Personal Training are filling the voids with large leases, including a new 30,000-square-foot location in West Hollywood.
Gyms are known for making their customers sweat, but now they're also making landlords sweat as they take over vacant retail spaces across Los Angeles.
According to CoStar, gym operators like Equinox and Royal Personal Training have signed some of the largest retail leases this year in the L.A. area. Royal Personal Training, known for its high-end clientele, is expanding from a 7,000-square-foot space in Beverly Hills to a whopping 30,000 square feet in a newly built mixed-use building on La Peer Drive in West Hollywood.
The draw for Royal Personal Training? Valet parking. And with the rise of boutique fitness studios, gyms are now competing with traditional retailers for prime real estate.
But it's not just high-end gyms making moves. Planet Fitness, known for its budget-friendly memberships, has also been taking advantage of the growing number of vacant retail spaces in the area. In 2017, they opened a 20,000-square-foot location in an abandoned Sports Authority store in Koreatown.
While gyms may seem like an unlikely solution for struggling malls and shopping centers, the rise of e-commerce and changing consumer habits have left many retail spaces empty. And with many gyms offering amenities like juice bars, spas, and even fashion boutiques, they're becoming a one-stop shop for health and wellness needs.
"People are looking for more experiences when they go to the gym," said real estate consultant Allen Matkins in an interview with The Real Deal. "And landlords are willing to take a risk on