Smart Fit is the largest gym chain in South America owned by Edgard Corona. COVID-19 pandemic has affected the industry significantly, causing unexpected closure. The owner of Smart Fit, Edgard, called his staff and stopped collecting fees with over two million students across South America.
Edgard’s main concern was how he could serve the students to maintain his staff. Despite the crisis, Smart Fit launched a digital platform that enabled students to work out at home with a series of free lessons that can be done at home. The platform was in production before Covid with expansion plans. The pandemic cut short Edgard’s plans for the company causing a change of direction.
Smart Fit was capitalized through financial deals completed in 2019 by shareholders and investors. Smart Fit was acquired at one billion reals by Canadian Fund CPPIB and a capital increase of 500 million reals with its main shareholder. The online lessons of Smart Fit have over 8 million students showing a sign of expansion when the units reopen.
Reopening plans are ongoing to keep everyone safe by taking temperature and ensuring social distance inside the gym. Safety is paramount for Smart Fit to give their students the best experience. Edgard Corona is confident the gym sector will do well after the pandemic because awareness for fitness has been created.
Edgard Corona advises entrepreneurs handling the pandemic crisis to have short-term plans to prevent such an unplanned crisis from affecting business at large. According to Edgard, the pandemic will pass, and things will go back to normal but until then, coming up with ideas to help stabilize the economy is essential. In his gym sector, Edgard Corona is optimistic gyms demand will be high after reopening, giving room for more units to be opened and students to increase, which will create employment. To learn more visit: here.