| IHRSA Report | Success by Association
Retrofitness facilities sport a red-and-yellow color scheme and checkerboard floors
According to Casaburi, total project costs for a
Retrofitness center are approximately $1.2 million, including build-out, equipment, furnishings, signage, working capital, and a $49,000 franchise
t“No one else does what IHRSA does or has he organization’s track record. It’s the one
constant in an industry where there aren’t many constants.
fee. Total cash outlay, he adds, is between $200,000 and $400,000, “depending on landlords and their tenant-improvement dollars. Landlords are willing to give a bit more, based on our performance. That drives total cost down, which we see as a bright star in the current recession.” Casaburi acknowledges his IHRSA membership
”
as a factor in the overall growth of Retrofitness. “We’ve built excellent buzz and made great connections at the IHRSA trade shows—and the vendors know us now,” he says. “The educational opportunities have also been great. No one else does what IHRSA does or has the organization’s track record. It’s the one constant in an industry where there aren’t many constants.”
Most important for Casaburi has been the flow
of data IHRSA provides. “We need to know about variable markets, and the IHRSA reports have been invaluable to us,” he attests. “And our franchisees need to be aware of the national and international data, so we make sure they stay on top of IHRSA’s data. We just got the IHRSA 2010 Profiles of Success report and immediately sat down with our sales director, real estate director, and others to go through it.” In addition, the information they glean offers
direct leverage in attracting franchisees. “The comparable data is critical,” he states. “Here’s one example of how we use it: In IHRSA’s 2009 disclosure documents, the average revenue per square foot per club was approximately $43. In our audited financial data, the top 10% of Retrofitness stores had revenues of $143.23 per square foot in 2009. For 2010, the IHRSA average has gone up to around $60 per square foot, and, while we haven’t released our numbers yet, our figures have improved commensurately. “No one else in the industry provides this kind of
information.” —| – Jon Feld,
jfeld@inc.com
www.
ihrsa.org | MAY 2011 | Club Business Internat ional 99
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