Gym sector booming in Finland as demand surges post-pandemic

The number of gyms and fitness centers in Finland continues to grow, according to Riitta Hämäläinen-Bister, Executive Director of the Finnish Fitness and Health Centers Association (SKY). She highlights chains like Ole.fit, Easyfit, and Fressi that are actively seeking to fill vacant spaces.

Johanna Riihijärvi, CEO of the Liikku gym chain, notes that they are increasingly being offered better facilities in city centers, where businesses are looking for tenants for empty retail spaces. Shopping malls have also recognized that gyms attract more customers. “We are now in a position to negotiate lease terms and conditions,” she states. Five years ago, the rental prices in shopping centers were too high, but they have now become more reasonable.

Statistics Finland reports growth in fitness-related companies between 2018 and 2023. Notably, Liikku currently has 57 fitness locations across Finland, with plans to open seven more this year and next, followed by ten new centers the year after. Riihijärvi mentions that the company invests around 12 to 15 million euros annually into new fitness centers, as they have seen strong customer demand.

The cost to establish a single gym ranges from 600,000 to 900,000 euros, with significant renovations typically required, including enhanced ventilation systems. The project usually takes 12 to 16 weeks.

Sky’s Hämäläinen-Bister believes that the demand for gyms has rebounded since the COVID-19 pandemic, fueled by increased health awareness. Modern fitness centers now focus on high-quality equipment and digital services, moving away from the traditional gym model.

In total, Finland has over 500 fitness centers, about 1,450 gyms, and 170 strength training facilities, with most being privately owned.