Gold’s Gym Resolves to Keep Getting Bigger in 2018
Posted: February 7, 2018 in Chains
DALLAS, TX – According to U.S. News, about 80% of New Year’s resolutions fail by the second week of February. But, that’s not the case for Gold’s Gym Franchising LLC, where business is stronger than ever. The world’s most iconic fitness chain will flex its muscle even more in 2018 with plans to expand beyond its 700+ locations in 28 countries around the world.
“The demand for Gold’s Gym is dominating new domestic and international markets, and the results speak volumes not only for our franchise owners and master developers but also for our 3 million members living stronger and healthier lives,” said Craig Sherwood, Senior Vice President of Franchise and Licensing for Gold’s Gym.
Capping off a strong year of franchise development in 2017, Gold’s Gym celebrated 49 new gym openings, including the two largest Gold’s Gym locations ever built. Amman, Jordan, and Alexandria, Egypt, each opened new facilities with more than 150,000 square feet. Among other highlights:
- International growth included 15 new gyms in India, seven new gyms in Japan, and rapid expansion in Saudi Arabia where Gold’s Gym will more than double in size to 21 gyms this year.
- Gold’s Gym Egypt celebrated its 20th anniversary.
- A new agreement was awarded for Iraq.
“Our global footprint is in the best shape financially and physically to make 2018 our strongest year to-date,” said Ken Phipps, Director of Global Franchising Development for Gold’s Gym.
Gold’s Gym plans to expand in Europe, China and Qatar as domestic franchise development also targets another 25 gyms in the U.S. across hot markets including Tampa; Orlando; Minneapolis; San Jose, Calif.; Atlanta and the New York metro area.
Meanwhile, consumer demand continues to escalate. According to a recent survey, Americans now spend more on fitness in their lifetime than they do on college tuition. In a search to fit physical and mental well-being into busy lifestyles, men and women invest an average of $155 per month on gym memberships, personal trainers, meal supplements and workout gear.
“Today’s Gold’s Gym prototype addresses all of those wants and needs,” said Phipps. “We are the brand that invented the fitness craze more than 50 years ago, and now we are redefining it with the new Gold’s Gym experience. Our members choose from personal training, group exercise classes, GOLD’S STUDIO®, and our GOLD’S AMP™ app that also puts a digital personal trainer in their pocket. Combine that with the latest cardio equipment, free weights, spin studios and more, and there is something for everyone, whether they like to work out alone or tackle fitness goals with a group.”
Those features have helped Gold’s Gym achieve a 20.73% EBITDA for the domestic investor, attracting a crowd of franchisees seeking a healthy business and healthy profits with a dominant global brand.
“We are living that reality alongside our franchise partners,” Sherwood added. “With more than 145 corporate-owned Gold’s Gym locations, we prove the business every day and support the business model that our franchisees also follow. That builds a level of experience and trust that will continue to move our business forward in a leadership position.”