SoulCycle’s Move Into Retreats Will Test Loyalty of Its Spin Fanatics

SoulCycle back in 2015 filed paperwork to go public — business was booming for the spin company, and it had cultivated just the right mix of fitness, self-help, and positivity to hook customers and keep them coming back for more classes. But then something changed. The company in 2018 withdrew its long-delayed plans, citing “market conditions.” Maybe studio competitors like Flywheel, CycleBar, Ryde, and Cyc were slowing the company’s growth. Or perhaps investors saw little potential for SoulCycle to expand outside of affluent neighborhoods — because you can only have so much geographical reach when you charge over $30 per class. Another explanation: An internet-connected stationary bike start-up called Peloton, founded in 2012, was starting to develop buzz, and investors knew its potential. Not only could it also create a cultlike following with its likeable instructors, but the company wouldn’t have to pay for studio space and could meet customers wherever they are �