In an effort to expand quickly in the city, an exercise studio is planning to use so-called shotgun leases.
FitHouse plans to open 15 locations in the city through leases that allow either the studio or landlord to cancel with a 60- to 90-day notice, the New York Post reported. The company’s first location will be at 276 Bowery, and other locations are planned for Flatiron, Chelsea and SoHo.
“We like the flexibility of opening spaces fast and closing them fast if we find the location is not right,” FitHouse founder and 33-year-old chief executive, Clement Benoit, told the Post.
The company is seeking spaces of 3,000-plus square feet and invests about $150,000 square feet in each of its new locations. FitHouse is also scoping out former studio spaces that have closed down in popular neighborhoods.
Benoit has raised roughly $3 million in venture capital led by Global Founders Capital. [NYP] — Kathryn Brenzel