Friday, July 24, 2009

Planet Fitness Plans 70 New Gyms

“Planet Fitness is expanding its operations with 70 new facilities planned across the country over the next year. Recently, the health club opened in Orlando; Manassas, VA; and Newark, DE with deals in the works for Illinois, Ohio, Pennsylvania and Southern California. 'We’re expanding because we believe the demand remains strong for our gyms,’ explains John Craig of Planet Fitness. ‘Another factor [is] the softness in the commercial real estate market is resulting in some of the most attractive terms we’ve ever seen.’ With many fitness clubs closing up shop around the country, the expansion is counter-intuitive to market conditions. Planet Fitness, however, is a gym whose monthly fees range from $10 to $20 per month and the company seems to feel this strikes a chord with a recession-minded public."

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