How Planet Fitness is Completely Dismantling Health Club Competitors
Founded by Mike Grondahl in 1992 as a welcoming place to work out for an affordable price, Planet Fitness is benefiting greatly from the movement among people to live healthier, more active lifestyles. At a total of 32,000 clubs in the United States according to industry research firm IHRSA, in excess of 62.1 million Americans utilized a health club in 2013. Since 2008, U.S. health club memberships have risen 16%, with growth clocking in at 5.3% last year. Planet Fitness now has over 800 locations in the U.S., which amass some 4 million workouts a week from its Nike and Under Armour apparel-wearing member base. Brian Sozzi chats exclusively with Planet Fitness Chief Financial Officer Dorvin Lively to learn how the gym-chain is dismantling its competitors.