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Morgan Dunnan, senior vice president of five-iron golf strategy, wants golf to become the new bowling game. “When bowling, some people say ‘let’s go bowling’ but no one says ‘I don’t bowl’,” he said. But with golf, the reaction is often the opposite. “Part of our goal is that when someone says, ‘Let’s go play five-iron golf,’ there’s not going to be an ‘I don’t play golf’ reaction.”
The company is a virtual golf franchise with a full-service kitchen and bar. The “eatertainment” brand, which will be franchising in early 2023, offers options for both experienced and novice golfers, including lessons and a variety of game settings.
“We are absolutely committed to providing a very welcoming and engaging service to people who have never touched a club as well as people who have been playing golf,” Dunnan said. “I was talking to someone the other day; they had never played golf. Passed the ball, but they came in and it was nice to be able to push it forward a little bit. That’s something we’re very proud of and very excited about.”
Five Iron Golf received a $20 million minority investment from Enlightened Hospitality Investments to further enhance the brand and expand it beyond 24 locations. The company announced the deal in March, signed last fall.
Danny Meyer is the co-founder of EHI, which supports companies such as Chip City, Slutty Vegan and AI subscription brand ConverseNow.
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The New York-based company has offices in 13 states and four countries. In 2017, Dunnan opened the first 5-iron simulator store in New York City’s Flatiron District with co-founders Mike Doyle and Jared Solomon. The store initially had four simulators, but as popularity grew, six simulators were opened by leasing the floor below.
Dunnam said Penta Iron’s enhancements could include offering Chip City cookies or Salt & Straw ice cream (another EHI investment) for private events.
“It’s a great vision of the future and what we can do to enhance events, but also to review and improve our catering program with people who are second to none,” he said.
The brand’s operating spaces range from approximately 7,000 square feet to more than 16,000 square feet. Five Iron recently opened another corporate office location on Park Avenue in New York City, occupying 16,390 square feet. The unit has 15 golf simulators and two bars.
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The golf entertainment space is growing, with options such as X-Golf with 124 franchised units or Topgolf (non-franchised) with over 80 units. According to its Item 19, X-Golf’s total sales for 2022 range from $450,741 to $1.3 million.
Concession locations typically range from 7,000 to 9,000 square feet and can accommodate eight to 10 golf simulators, plus a bar and kitchen, Dunnan said.
The investment required to open a Five Iron plant ranges from $1.4 to $4.2 million.
“We think we can bring the Five Rails to all areas of the country and have real success,” Dunnam said. “As we grow in the coming years, we are excited to continue to grow and spread the love of golf to more and more communities.”
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