Durable Capital Partners managing partner and CIO Henry Ellenbogen breaks down companies that are set to thrive in the latter half of 2020 and gives his take on Bright Horizons.
The massage industry is experiencing a strong recovery as clinics around the country being to reopen.
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Leading franchises have seen a surge in business as states begin to ease restrictions that kept locations shut down due to the coronavirus pandemic.
SALONS, GYMS, OFFICES REQUIRE CORONAVIRUS WAIVERS FOR ENTRY
After reopening 80 of its 125 locations, business for Massage Heights has been above normal because of the pent-up demand among customers who come in for pain and stress management.
“This situation has been very stressful for a lot of people, regardless of their economic situation,” Massage Heights President Shane Evans told FOX Business.
From watching the news to feeling uncertain about job security to having to spend all day at home with the kids, Evans noted that since reopening, members have said the massage therapy “brings back a sense of normalcy and helps relieve stress and chronic pain.”
UNEMPLOYMENT NUMBERS SHOW ‘HEARTENING’ IMPROVEMENT AS STATES REOPEN: LABOR SECRETARY
Hand and Stone Massage and Facial Spa is seeing a higher rate of conversion to its membership program from new prospects than before the pandemic. The 465-unit franchise closed all of its locations in 31 states plus Canada in April. Since then, 220 locations have reopened.
The coronavirus outbreak has also upended travel plans and events that typically make up a considerable amount of annual consumer spending. While Americans are saving more than usual, many are reinvesting in personal health and wellbeing, according to Todd Leff, the CEO of Hand and Stone Massage and Facial Spa.
“I might not be flying off or taking a cruise, but I’m going to commit to just one hour-per-month’s staycation,” he told FOX Business. “And it’s still a very affordable service, considering and comparing to some of those other expenditures.”
SEPHORA REOPENING SOME STORES AFTER CORONAVIRUS CLOSURES WITH NEW LOOK
During the time they were closed, many massage franchises evaluated whether hands-on services could be performed in a safe manner, and adjusted operating standards and cleanliness guidelines to meet new health and safety protocols. Some of these precautionary measures require team members to wear masks at all times, check a client's temperature before they’re allowed into the building, and replace linens on tables before and after massages or skin treatments.
Many companies have adopted curbside check-in technology that allows members to text therapists upon arrival in order to prevent congestion in the lobby area. In addition to frequent environmental cleaning, client appointments are staggered to limit the number of individuals in the studio at a given time.
CORONAVIRUS SURCHARGES CAUSE CONSUMER PUSHBACK
Elements Massage, which has about 250 locations across the U.S. and Canada, has felt the effects of the reduction of appointments.
“In studios that have reopened, we’re busy," Adam Passarelli, senior vice president of operations at Elements Massage, told FOX Business, "but ... a bit lower than pre-crisis levels, largely due to the limited capacity and social distancing requirements in place.”
Although it varies from state to state, many of Massage Envy’s 1,153 locations are seeing bottled-up demand, some having appointment levels return to what they were before the outbreak of the virus, according to CEO Beth Stiller.
"We’ve gotten a great response from consumers returning to Massage Envy franchised locations," Stiller told FOX Business. "And we expect that to continue as they continue to reopen.”
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June 07, 2020 at 11:37PM
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