Singapore's large gyms struggle to stay in shape as smaller chains win over customers
The recent shutdown of one of Singapore's most popular gym chains show a fragmentation in the fitness market where businesses which do not excel in either convenience, cost or special training will eventually collapse.
Singapore's large gyms are struggling to stay competitive as smaller chains win over customers, according to recent reports. True Fitness and True Yoga abruptly ended all operations in the country last week, citing cost pressures and intense market competition as reasons for their closure. However, industry experts suggest that the market's fragmentation is the primary issue, with traditional full-service gyms finding it difficult to compete with low-cost gyms on price and specialized operators on experience.
Despite this, the overall fitness market in Singapore is growing, with 76% of residents exercising at least once a week in 2020, up from 66% in 2019. Experts attribute this growth to changing consumer preferences, with gym-goers now divided into two groups: those seeking value and convenience, and those looking for specialized experiences beyond traditional big-box facilities.
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