COLTS NECK, N.J. - Dec. 3, 2012 // GLOBE NEWSWIRE // - The national fitness chain that has taken the industry by storm has shaped-up major expansion plans for the New York City area.
With five gyms already operating throughout the five boroughs, Retro Fitness has announced an aggressive expansion strategy to significantly ramp-up its presence in the market within the next year. As part of this growth plan, Retro Fitness is looking to sign franchise agreements with qualified investors for both single- and multi-unit franchises in every borough within the next 90 days.
"This rapid plan opens up a limited number of units available to investors in a very exciting market," said Eric Casaburi, CEO and founder of Retro Fitness. "The five boroughs are primed for expansion; the existing clubs in the area are experiencing explosive growth with large spikes in membership. Retro Fitness just makes sense in this market. We deliver the best in health and fitness without the heavy price tag for members and investors. Plus, with our manager-driven investment model, franchisees are free to be the investor, focusing on growing the business, rather than an operator inside the club."
The Retro Fitness franchise model continually attracts high-quality, single- and multi-unit investors who have a strong business acumen. Offering entrepreneurs the opportunity to open in flexible 10,000 to 16,000 square-foot spaces during a time when prime real estate is more affordable, makes Retro Fitness "fit" for investors in the current economy. Plus, the facility is designed to maximize the square footage so the owner is not paying for space, heat and air conditioning that go unused most of the time.
Since inception of the low-cost, high-value brand, the national fitness franchise has more than 120 gyms open or in development in 10 states. With more than 300,000 members, Retro Fitness surpasses the national fitness club average by more than 120 percent, generating revenues greater than $77 million. The top Retro Fitness gyms have average gross revenue of $1.9 million and average EBITDA of $740,000.
Opportunities for single and multi-units will be based on financial qualification and will be awarded and reserved upon execution of a franchise agreement. The approximate cost for developing an average size club is $1.4 million. In order to qualify for a single unit, candidates must have a minimum net worth of $1.5 to $2 million. For financing of a single unit, candidates will need liquid assets of approximately $350,000.
Motivated entrepreneurs and multi-unit operators interested in opening a Retro Fitness in the New York City Boroughs area should complete the "request for information" form at www.retrofranchising.com or contact Mark Mele, vice president of franchise development, at (732) 431-0062. For more information about Retro Fitness or to find the nearest location, visit www.retrofitness.net.
Founded in 2004 by entrepreneur Eric Casaburi, Retro Fitness has evolved from a regional Northeast gym concept into a national fitness system with more than 120 gyms open or in development in 10 states. Expansion plans call for 150 gyms in the next three years and growth into new major markets such as Maryland, New York, Virginia, and Washington D.C. Each Retro Fitness location is equipped with a full-service fitness center including 60-100 pieces of equipment supplied by leading manufacturers such as Life Fitness and Iron Grip. Retro Fitness was ranked in the top-half of the 2012 Entrepreneur "Franchise 500" annual ranking, marking the brand's second-consecutive appearance on the prestigious list. The company was also recognized as one of the "Top Fastest-Growing Franchises" and "Top New Franchises" in the publication's 32nd annual ranking. For more information, please visit www.retrofitness.net, and to learn more about franchise opportunities visit www.retrofranchising.com.
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