Bicycling

Bike business is big business in Fayetteville (AXIOS Sports) Fayetteville is the sixth most bicycle-friendly city in the U.S., according to the League of American Bicyclists.

• The city has 38 registered bike-friendly businesses (BFBs), eight more than in June 2021.
• By comparison, Bentonville has 11, and Rogers has five.

Kitzuma Temporarily Suspends Delivery Service (SGB UPDATE)

Kitzuma Cycling Logistics suspended its delivery service for the fall and winter and laid off most of its drivers due to slowing demand for its door-to-door bike shipping business.

CEO Taylor Essick said most delivery drivers would be able to come back in the spring when it forecasts its shipping business will resume. He also added that Kitzuma would not announce the number of employees affected by the announcement.

Thule Warns Of Bike Market Inventory Imbalance (SGB UPDATE) Thule Group said excessive inventory levels in the cycling channel have worsened in recent months and would impact sales and profitability in the second half of the year.

SoulCycle Shutters 23% of Its Studios, Reportedly Cuts 75 Jobs (Front Office Sports) Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada.
SoulCycle CEO Evelyn Webster told employees the news on Friday, adding that the closures will result in some layoffs. CNN reported that around 75 of the company’s 1,350 employees will be laid off.

China’s Cycling Market Projected to Reach $16.5B by 2026 (Front Office Sports) The world’s second-largest economy has seen a major cycling boom as pandemic-related gym closures continue and people avoid crowds. 
China’s cycling market is expected to reach $16.5 billion by 2026, according to Research and Markets. That’s a significant bump from last year, when the sport’s market was estimated to be between $12 billion to $15 billion.