Maybe.....kinda depends on just how good the people running them are at business.
When the economy gets rough just being good at martial arts isn't going to be good enough.
Like all hobbies (from the students standpoint) MA has a pretty "soft" base.....people need time, "extra" ie disposible income,transport, etc and can easily be sidetracked for many reasons.
Many schools also depend on children as the prime income source. And kids have a huge "churn" rate even among MA students which have a huge "churn" rate as far as customers go anyway.
So schools with a high child to adult ratio are going to feel it.
There are always exceptions of course.
Best hedge is a good business model and a owner that knows how to do business.
I did battle with ignorance today.......and ignorance won.