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TruGolf Holdings, Inc. (NASDAQ:TRUG) ("TruGolf"), among the leading sellers and distributors of golf simulator software and hardware, today announced a strategic agreement with Franchise Well, a renowned franchising consultancy firm, to accelerate its global expansion through a regional developer franchise model. This relationship marks a pivotal moment for TruGolf as it harnesses the power of franchising to amplify its global presence and cater to the burgeoning demand for immersive off-course golf experiences.
This collaboration comes at a time when the franchising market is experiencing a significant shift towards experience-based and recreational concepts. According to recently released data from The National Golf Foundation, 45 million Americans aged 6 and above played golf in 2023. This record-setting total includes 32.9 million people who played off-course golf, with 18.4 million of them who participated exclusively in off-course golf activities at places such as driving ranges, indoor golf simulators, or golf entertainment venues. Only 12.1 million played exclusively on-course, furthering the trend of off-course golf easily overtaking on-course participation.
"Our mantra is "Golf Easy" and we view franchising as a critical step towards achieving that vision by making golf experiences significantly more accessible in the U.S. and worldwide," stated Chris Jones, Chief Executive Officer of TruGolf. "TruGolf already boasts a presence in over 30 countries. Franchising serves as a capital-efficient model to drive our growth and fuel global expansion. This relationship with Franchise Well accelerates our growth and allows us to deploy our innovative technology to even more enthusiasts around the world."
The collaboration with Franchise Well will propel TruGolf's growth strategy forward through the regional developer franchise model, targeting seasoned franchise owners to spearhead expansion. Unlike traditional franchising models aimed at individual investors, TruGolf's approach focuses on empowering developers to build and scale territories, ensuring rapid strategic market penetration and sustainable growth.
"We are thrilled to partner with TruGolf," commented Ben Litalien, Founder and Principal of Franchise Well. "In today's market, the most promising franchise opportunities are those that are low on labor requirements and high on technology. TruGolf perfectly aligns with this trend, offering a unique and immersive experience with a minimal staffing footprint."
Learn more about TruGolf at www.trugolf.com or follow us on LinkedIn, X, Facebook, Instagram or YouTube.
Posted In: TRUG
