Tribe Property Technologies Inc. (TSX-V:TRBE) told investors it has partnered with TUT Fitness Group, a Canadian manufacturer of high-performance and affordable fitness products, to offer breakthrough functional strength and cardio training products to residents across the country.
The Vancouver-based company said the partnership will roll out in three phases: installing TUT Fitness exercise equipment in designated Tribe buildings; expanding to integrate TUT's training videos and Training Ambassadors into Tribe's community management online portal Tribe Home; and ultimately leading to a bundled TUT/Tribe product offering for developers of new residential housing construction.
"With at-home fitness increasing in popularity, TUT offers a refreshingly inexpensive and compact approach to strength and cardio training with digital applications that bring wellness into your home,” Tribe CEO Joseph Nakhla said in a statement. "This partnership supports our purpose of simplifying community living and enhancing the day-to-day life and health of residents in our communities.”
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Tribe noted that global awareness of the importance of health and wellness continues to support the fitness market, with Canada seeing year-over-year growth, recorded at an 8% increase in 2021. With the average gym membership costing between $40-$60 per month, the company said Canadians are looking at more affordable and convenient alternatives for staying fit.
Citing a recent study, Tribe said up to 77% of Canadians say it is more convenient to exercise in the comfort of their own home, with 84% reporting that creating their own schedule and working out on their own time is their favourite fitness option.
"Our goal is to bring the highest value gym experience to every home by offering the most affordable and effective strength training and cardio solutions," commented TUT CEO Rob Smith. "Our products are designed to provide full workouts using a sleek system that can fit in tight spaces, perfect for multi-person residential buildings."
Tribe manages approximately 40,000 homes made up of more than 100,000 residents. The company's proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate and protect through the digitization and simplification of residential community living.
Contact the author at stephen.gunnion@proactiveinvestors.com