Equinox is Officially Manhattan’s Top Retail Tenant

Equinox, the luxury gym chain synonymous with upscale fitness and wellness, has quietly become the largest retail tenant in Manhattan, per The Real Deal. With 31 locations spread across the city and a pipeline of new clubs in the works, Equinox shows no signs of slowing down.

The upscale brand’s rapid growth—fueled by major investments and strategic expansions—allowed it to surpass even iconic retail names like Macy’s (M) in terms of space occupied.

Breakneck Growth

Equinox’s rise to the top of Manhattan’s retail rankings is a product of both timing and strategy. In 2023, the gym brand added two new locations, bringing its total footprint to a staggering 1.3 MSF. That’s more space than Macy’s, which occupies 1.25 MSF across its flagship store. 

With each location averaging over 40 KSF, Equinox has firmly cemented its place in the city’s retail landscape.

According to Jeff Weinhaus, Equinox’s head of development, there’s no limit to the company’s Big Apple aspirations. “There’s no cap on how big we can grow,” Weinhaus said. “We’re not done.” In fact, the company is in negotiations for its 33rd Manhattan location and is already eyeing more spaces.

Brand Background

Equinox’s first location opened in 1991 on Manhattan’s Upper West Side. Over the years, its approach to growth evolved from opening flagship clubs to filling in strategic locations between existing gyms. 

By the time Equinox reached its first dozen clubs, its growth trajectory was very calculated. It carefully positioned new gyms in neighborhoods like the West Village, Soho, and Tribeca to meet demand and maximize access.

As competition in the fitness space grew—especially from brands like Life Time Fitness—Equinox’s strategy shifted to expanding into both urban cores and second-tier cities, including Charlotte, Denver, and Seattle.

Notably, Equinox’s growth stalled during the pandemic, but with a major $1.8B investment secured in 2023, the company is ramping up expansion once more.

Ramping Up Investments

Equinox’s $1.8B investment from Sixth Street and Silver Lake has given It the financial power to accelerate its expansion.

In addition to strengthening its presence in key cities like New York, Los Angeles, and Miami, Equinox is looking to secure more new-build locations where it can collaborate with developers to design custom fitness spaces.

“We can double the size of the business,” Weinhaus said, hinting at ambitious goals to grow the Equinox footprint from 110 clubs to over 220.

Stiff Competition

Despite Equinox’s dominance in Manhattan, it faces increasing competition from Life Time Fitness, which has aggressively expanded in New York since opening its first location in 2016. Indeed, Life Time now has seven clubs in Manhattan, including a massive 80 KSF location at One Wall Street. 

Fitness trends are also shifting, with some competitors opting for more nostalgic, mid-century designs, offering an alternative to Equinox’s sleek, high-end fitness centers.

Equinox Empire

Equinox’s unparalleled growth signals a broader trend in the luxury fitness industry, where upscale brands continue to expand into new markets and diversify their offerings.

The company’s next moves will likely include a mix of larger-than-life fitness clubs in high-traffic urban areas and smaller, more niche spaces in emerging markets.

As Weinhaus put it, “The strategy is to keep growing. We are just getting started.” Equinox’s dominance in Manhattan may only be the beginning of a new era for luxury fitness.