The salon suite industry has been around for many years and continues to grow at a rapid pace. A decade ago (around 2013 at the time of this blog post) there were around 300 salon suite locations across the country. Fast forward ten years to 2023 and there are now over 3,000 locations (a 900% growth rate!) of franchise and independent salon suite locations in operation.
So, where does the salon suite industry go from here? How many beauty professionals are currently in a salon suite? How much development opportunity is still out there? And what does the next ten years have in store for salon suites?
It’s tough to predict future growth and performance of any industry but in order to do that we look at past growth and forecast out into the future to best predict what will happen next in this burgeoning industry.
Let’s take a look at the past: in 2013 there were approximately 300 salon suite locations in operation. On average, a salon suite is 4,500 – 7,000 square feet or more and houses anywhere from 24 to 40 or more individual salon “suites” or “studios” that are leased back to beauty professionals. That equates to around ~11,000 beauty professionals who were working in a salon suite. The total addressable market, or “TAM”, of beauty professionals in 2013 was around 1,100,000 professionals which means only ~1% or so of the industry was operating out of a salon suite.
As of 2023 there are 3,000 salon suites in operation, housing approximately ~95,000 professionals (or 6.7%) of the 1,400,000 beauty professionals in the US. The beauty industry is growing at a healthy 12-13% annually and is an 88 billion dollar industry.
It is estimated that over the next ten years the salon suite industry will continue to grow at a healthy pace with an additional 6,000 locations opened by 2033 (bringing the total number of salon suites in operation to 9,000 or more) with ~272,000 beauty professionals running their own business out of a salon suite. It’s projected that in 2033 the beauty industry will have 2,000,000 or more professionals, which means approximately 13.6% of all beauty professionals working in the industry will be operating out of a salon suite.
IMAGE Studios is poised to take advantage of the tremendous growth that is ahead by opening flagship stores in major markets across the country. We are always looking for confident, capable people who want to realize their dream of becoming an entrepreneur while helping others succeed by opening their own business. IMAGE Studios combines the best of the beauty industry and real estate industry into one turnkey business that is simple, stable, and scalable.
Connect with us today to find out if there’s available territory for development in your area and to learn more about our franchise opportunity. We’re looking for qualified individuals who align with our culture and values, who like to work hard and play hard, who like setting and achieving their goals, and who want to work with an exclusive network of IMAGE Owners who are leading the industry in providing the very best salon suites to beauty professionals across the country.
