Renowned restaurateur and Shake Shack founder, Danny Meyer, has recently made a significant investment of £20 million into Five Iron Golf, an indoor golf and entertainment company located in New York City’s Grand Central Terminal. This considerable investment reflects the growing trend in the sports and entertainment industry, demonstrating the increasing accessibility and enjoyment of golf for a wider audience.
Meyer, who previously encountered difficulties in finding time to play golf and locating a suitable course, discovered a solution in indoor simulators. This experience led him to recognize the potential for making golf more accessible to individuals, reflecting the innovation he has demonstrated with his restaurants.
Founded in 2017, Five Iron Golf has experienced remarkable growth by catering to a diverse range of golfers. The company provides professional-grade golf simulators, operates during the early hours for pre-work play, and offers leagues and lessons. Additionally, their venues offer food, beverages, and event hosting, thus transforming it into more than just a golfer’s paradise.
Jared Solomon, the CEO and founder of the company, has emphasised their objective to attract a broad audience of golf enthusiasts and entertainment seekers alike. This dual offering has contributed to the sport’s expansion, with a reported 45 million people playing golf in the U.S. in 2023, representing a 9% increase from the previous year.
Statistics indicate that the growth of golf is moving away from traditional courses, with more players enjoying the sport at indoor venues, standalone driving ranges, and businesses like Five Iron Golf. This trend has played a pivotal role in enhancing the popularity of golf, particularly in the aftermath of the Covid-19 pandemic.
The blending of sports and activities with dining and drinks, often referred to as ‘eatertainment,’ has gained momentum in the golf industry. Topgolf, a gamified driving range combined with dining and social elements, experienced a 13% revenue growth in 2023 across its global locations. This success has inspired Callaway to make a substantial investment in Five Iron, recognising the future of golf as more accessible and inclusive.
The achievements of golf-related concepts such as Puttshack and Puttery, both offering mini-golf experiences with dining options, underline the growing trend of merging activity and dining. These developments mirror the current trend in the dining industry, where customers seek a seamless blend of convenience and experience. As a result, this has led to the revitalisation of restaurants and entertainment venues, with the desire for unique and enjoyable experiences taking precedence.
As the trends in the golf and entertainment industry continue to evolve, innovative approaches like indoor golf entertainment are shaping a new era for golfers and entertainment enthusiasts. The rise of indoor golf experiences is reshaping the landscape of the sport, making it more convenient and enjoyable for a broader audience. With investments from influential figures like Danny Meyer and companies like Callaway, the future of golf certainly looks promising.