Multi-Unit Development Deal with BlackRock Impact Opportunities Fuels Retro Fitness

Retro Fitness has a goal to open 500 health clubs in 50 black and brown communities across the U.S. over the next five years, following its Project LIFT initiative, which received a significant investment from BlackRock Impact Opportunities in 2022.

It’s been a busy year for the Florida-based Retro Fitness. In addition to its growth endeavors, the HVLP fitness chain kicked off a brand transformation that includes club renovations that usher in a more modern vibe.

Andrew Alfano, Retro Fitness CEO and former Starbucks exec, said the gym brand is pleased with the feedback regarding its fitness clubs’ new look and feel – which he refers to as a “maturing” of Retro Fitness and has led to new opportunities.

Growth and investment

“We believe the transformation of the brand is just part of what has attracted area developers and investors to Retro Fitness,” Alfano said, adding that the brand is fielding a significant amount of interest from other industries – specifically the restaurant space.

“We are proud that our investment in Retro Fitness on behalf of our clients has benefitted communities in Texas, Florida and New York, and are pleased to continue supporting the company and Project LIFT through this next stage of growth,” BlackRock Impact Opportunities managing director Joseph Acevedo said.

International expansion

Beyond its domestic growth goals, Alfano told Athletech News in an exclusive interview earlier this summer that he believes Retro Fitness will eventually have over 1,000 gyms across the nation along with international locations.

He also pointed out the HVLP fitness brand’s amenities and offerings.

“Not only do we have everything that the boutiques offer with classes, we also have personal training, a smoothie bar and a retail pro shop,” Alfano shared. “We have massage chairs and red light therapy because we understand that recovery is extremely important to members today.”

HVLP gym brands have been generating headlines as of late. Planet Fitness named a new CEO, and in August, Equinox-owned Blink Fitness filed for bankruptcy. The fitness brand is now in talks with U.K. gym giant PureGym to purchase a substantial portion of its gym locations in New York and New Jersey.