Therme Group’s Global ExpansionTherme Group’s Global Expansion Key Insights: * Therme Group expands globally to promote wellness accessibility. * New locations planned in the US, Canada, UK, and South Korea. * $200 million project in Incheon, South Korea, marks Therme’s Asian debut. * Therme actively explores opportunities in major US cities like Washington DC, Atlanta, Los Angeles, and Dallas. Therme South Korea Project: * Located near Incheon’s Golden Harbor, providing optimal connectivity. * Expected cost: over $200 million. * Incorporates local wellness traditions and features an orchid garden. Expansion Strategy in the US: * Therme seeks locations in metropolitan areas on the east and west coasts. * Aiming to bring wellness centers to city centers, revitalizing the urban core. Business Model and Target Markets: * Therme’s social spas combine thermal baths, water parks, and botanical gardens. * Focus on accessibility and making wellness affordable for all. Additional Information: * Therme Group operates four European sites in partnership with Wund Holding. * Partnership with the Global Wellness Institute highlights South Korea’s thriving wellness economy ($113 billion). * Therme’s expansion strategy leverages declining commercial real estate values to establish wellness centers in urban areas.
In the latest issue of Spa companyTop executives from Therme Group share exclusive insights into its global expansion plans, strategy, target markets, business model and more
Therme expands globally to make wellness accessible, with new locations in the US, Canada, UK and South Korea
In partnership with Wund Holding, Therme operates four European sites and plans to build at least six worldwide, including a $200 million project in Incheon, South Korea.
Therme is exploring opportunities in major US cities, taking advantage of the decline in commercial real estate to establish wellness centers in metropolitan areas
With a mission to make wellness accessible to everyone, international wellness organization Therme Group is expanding globally, opening social spas in the US, Canada, the UK and now South Korea.
The existing sites form a new kind of spa – part thermal baths, part indoor water park, part botanical garden – described as a “state-of-the-art wellness oasis”.
In cooperation with the German Wund Holding, Therme currently operates four locations in Europe, namely in Germany and Romania. There is also a plan to build at least six more worldwide.
In the latest issue of Spa companyKim Insook, Head of Development at Therme Korea, shares exclusive insights into the upcoming Korean project, which marks Therme’s debut in Asia.
Therme South Korea, based in the South Korean city of Incheon, is expected to cost more than $200 million (184.8 million euros, £156.4 million) to set up and “marks the beginning of Therme’s comprehensive plans” for the region, Insook said.
“We are exploring numerous opportunities, both within South Korea and in other regions. The strong history of bathing culture in Asia makes many markets attractive.”
The project will be strategically located near Incheon’s Golden Harbor, the gateway to the capital Seoul, and will offer excellent connectivity.
The location is next to an international ferry terminal, just 15 minutes from Incheon International Airport and only an hour away from Seoul city center by public transportation.
Insook said: “South Korea has a rich and diverse history of wellness. It is known for its health-promoting food and bathing traditions dating back to the 15th century, which have evolved from medicinal origins to modern bathhouses known as jjimjilbangs. We plan to reflect this local culture in our design, programming and restaurants
“It is incredibly exciting to introduce a natural, healing urban oasis to Korea, the likes of which we have never seen here before.
“I personally have a special interest in orchid gardens and am excited to show the best of Asian flowers to the world. We should not underestimate the impact on our well-being of being immersed in nature.”
Why South Korea?
“Our research partnership with the Global Wellness Institute shows that South Korea’s wellness economy is worth $113 billion (€104.4 billion, £88.4 billion), making it the ninth largest wellness market in the world,” Insook said.
In an interview with Spa Business, Insook was joined by three colleagues: Robert Hanea, founder, chairman and CEO of Therme Group; Patricia Popescu, head of architecture at Therme ARC; and Robert Hammond, president and chief strategy officer of Therme Group US.
Hammond shed light on the group’s expansion plans in the US, saying Therme is eyeing locations in cities on the east and west coasts. The group is actively looking for locations in Washington DC and is considering Atlanta, Los Angeles and Dallas.
“Commercial real estate is suffering from the decline in office workers, so there may be opportunities in San Francisco and New York now as well,” he said.
“Our product will work great in any metropolitan area. The biggest demand will be in the middle of cities and that’s also what sets us apart. Developers want to bring people back to the city centre, so there’s a lot of spin-off if we can bring 1-2 million people to a location.
“From a societal perspective, this is also what cities need more of: there is a welfare desert for accessible, central options.”
For more insights on Therme’s strategic business model, target markets, internal architecture practice and more – check out the latest issue of Spa company.
