The Daily Valet. - 11/15/22, Tuesday
✔️ Gyms Are Hot Again
Tuesday, November 15th Edition
By Cory Ohlendorf, Valet. Editor
I haven’t been compelled to rejoin a gym. But I do miss those chilled eucalyptus towels.
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Today’s Big Story
Gyms Are Hot Again
The Fitness industry is bulking back up as we embrace working out outside of the house
Do you currently belong to a gym or fitness club? Did you before the pandemic? I did. But I started working out at home with Apple Fitness+ during lockdowns, and I never went back. Sound familiar? According to the latest data, social distancing protocols and the rise of at-home fitness products spurred a 33% drop in the market value of the fitness industry between 2020 and 2021.But as we leave behind the masks and return to work, a lot of people have returned to the gym, too. You could say the $32 billion U.S. fitness industry is happily back in its bulking phase and seeing serious gains.The New York Times reports that fitness center openings are outpacing other retail categories. The industry overall is on track to grow more than 4.2% this year. Monthly visits to gyms from March through August rose more than 18% from the same period in 2019, according to data from Placer.ai, which tracks retail foot traffic. New membership numbers also increased during that same time.Budget gyms that offer basic equipment and cheap memberships are doing especially well, as are boutique exercise studios at the other end of the spectrum that specialize in niche regimens, like boxing and barre.According to CNBC, Planet Fitness posted record membership and expanded its full-year guidance when it reported third-quarter earnings last week. The company said it had 16.6 million members at the end of the quarter, an all-time high—even compared to the pre-pandemic era—and said it added 29 new locations during the period.At the same time, luxury at-home products like Peloton, however, have struggled in recent months. The stationary bike maker has seen both a loss in subscribers and a parallel drop in engagement. Lululemon (which acquired at-home fitness company Mirror in 2020 for $500 million) could be facing similar at-home headwinds, but at least they're seeing a boost in apparel sales. After all, when you're heading back to work out in public, you want to look good right?
FYI:
Among U.S. states, California has the most number of health clubs (5,123), followed by Texas (3,285), then Florida (2,809) and New York (2,263).
Another Roadblock for Student Loan Forgiveness
Biden aides are now considering an extension to the current student loan freeze
A federal appeals court on Monday blocked the Biden administration from moving ahead with its mass student-debt cancellation program, dealing another blow to the administration's plan after it was ruled unlawful by a federal judge in Texas last week.The ruling by the 8th Circuit Court of Appeals in St. Louis came after six states argued in a lawsuit that the program threatens their future tax revenues and circumvents congressional authority. With the forgiveness program on hold for, well, who knows how long ... millions of borrowers have begun to wonder if they'll get debt relief at all.The fate of the program now hangs in the balance only a month before the pause on repayment ends in December. The White House is confident the student debt relief plan is legal. And while the Biden administration has vowed to defend the program in court, the Washington Post reports that officials have discussed the possibility of extending the debt freeze again if they are unable to move forward with the initial program.Currently, an estimated 43 million student borrowers eligible for relief are stuck in financial limbo as litigation proceeds. As they wait, concerns about the cost of higher education has been blamed for a drop in enrollment at colleges and universities. The Hill reports that colleges and universities have enrolled 1.3 million fewer students as of spring 2022.
Meanwhile:
President Biden's highly anticipated meeting with China's leader Xi Jinping finished Monday with both leaders saying there will be no new Cold War.
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GOP on the Cusp of Retaking House
The Republican Party is likely to win a slim majority in the U.S. House of Representatives
Republicans were on the cusp of retaking control of the House late Monday, just one victory shy of the 218 seats the party needs to secure a majority. According to the Associated Press, it will give conservatives leverage to blunt Biden's agenda and spur a flurry of investigations. But a slim numerical advantage will pose immediate challenges for GOP leaders and complicate the party's ability to govern.There are still 14 uncalled House races remaining, mostly in California, where much of the vote was still being counted. Of those races, Republicans were ahead in four and Democrats led in nine. Meanwhile, Representative Kevin McCarthy of California was scrounging Monday for the support he would need to become the House speaker. Rep. Marjorie Taylor Greene lent her support by criticizing efforts by other right-wing Republicans to challenge his bid as “bad strategy.” She will likely be rewarded if he becomes speaker—maybe with a plum position on the powerful House Oversight Committee.
FYI:
Democrat Katie Hobbs was elected governor of Arizona over Republican Kari Lake, one of the most high-profile Republican candidates in the midterm elections.
Where You Should Not Travel in 2023
Ten destinations responsible travelers might want to reconsider
We see a lot of lists offering lust-worthy vacation locales, right? The best spots for this, the can't-miss islands for that. But some popular places like Kyoto, Bali and Venice have had to deal with the ugly consequences (and general unpleasantness) of overtourism. Travel industries around the world are flourishing again after a pandemic slowdown, however that boom isn't always welcome.Which is why Fodor's started producing an annual “No List” of places to avoid if you consider yourself a responsible traveler. As the publication says, it's “not a boycott, ban or cancelation of any sort; but a call to travelers to consider wisely the choices we make.” And in 2023 that includes natural attractions that could use a break in order to heal and rejuvenate; cultural hotspots that are plagued with overcrowding and resource depletion; and locations around the world immediately and dramatically impacted by water crises.So, where are these places? Venice is still on the list. So are other popular Instagram-worthy hotspots like Maui and Lake Tahoe. Koh Tao, Thailand is listed, along with the French cliffs in Normandy and both the Rhine and Danube rivers, which flow through several countries in Europe. If you're wondering where you can go, National Geographic just revealed its “Best of the World” list for 2023, spotlighting travel experiences that should be on your radar—from a high-speed train in Laos to a chance to swim amongst sharks and manta rays in Mexico.
Travel Intel:
The sneaky gents at MR PORTER make the case for a quick getaway before your actual holiday vacation.
In Other News
Lawmakers return to work for final push before new Congress takes over
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The Global Shift Towards Fast Food Robotics
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Named one of the most innovative companies in North America by Fast Company, Miso Robotics robotic kitchen assistants are frying foods for major fast food brands across the U.S. They’ve partnered with 10 of the top 25 brands, including Jack in the Box. Even Buffalo Wild Wings’ parent company is working with Miso to produce Flippy Wings and White Castle’s pilot with Flippy was so successful that they’re installing Flippy 2 at 100 additional locations. But Miso is just getting started.More restaurants are looking to automate as labor costs rise and workers are in short supply. An employee shortfall of 3.7 million is expected over the next 10 years, hurting restaurants (and consumer prices) if solutions aren’t implemented. Miso Robotics is solving that problem by filling in the gaps with their robotic cooks, powered by artificial intelligence. Now they’re looking to build upon their U.S. traction and take on the global market–a 17x bigger opportunity than before.Miso’s already garnered the attention of a major international partner that will help them establish a foothold in the $675+ billion global quick-service food industry. For a limited time, you can get in on Miso’s rapid expansion by investing during their Series E+ raise. But time’s running out. The opportunity to invest closes this Friday, November 18.
Get In:
Learn more about investing in Miso Robotics before the opportunity ends on November 18th.
Shopping
What We’re Buying
Japanese Denim Selvedge Chino
Inspired by vintage military officer pants, this indigo-washed chino is made from a hefty 12.5oz. Japanese selvedge denim with a slightly broken-in look and feel.
Get It:
Japanese denim selvedge chino, $268 / $169 by Todd Snyder
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