Planet Fitness, the chain of gyms that advertises itself as a "Judgment Free Zone," closed out a record 2019 and is focused on the January business of bringing in New Year's resolution-holders who are looking for ways to get fitter in 2020.
"We opened 2,000 stores — December 31st was our date — right to the very end of the wire," Chris Rondeau, CEO of Planet Fitness ($PLNT), told Cheddar about the company's most recent expansion.
There were 261 total openings for the year according to Rondeau, and the executive stated that in 2018, the industry added 1,100 gym locations and 1.6 million members. However, the New Hampshire-based company added 1.8 million members, accounting for about 100 percent of the growth, even taking 200,000 members away from its competitors, he said.
"Our business model is what drives this, and that's catering to casual, first-time gym-goers," Rondeau explained. "Almost 40 percent of our members never belonged to a gym in their entire life."
As some data suggests, the majority of people fall off of their New Year's resolutions some time around January 17.
The casual approach to fitness by Planet Fitness belies the recent trend of boutique and niche workout experiences and helps the chain retain the influx of New Year's resolution customers.
"The issue with the boutiques, for example, is they're catering to the 'getting fitter' which is a different customer than us getting them off the couch," explained Rondeau.
Staying on the topic of convenience for its customers, aside from the saturation of locations from Canada to Mexico, the CEO talked about the company's digital strategy, including offering its own fitness app.
"I think at-home fitness is a great supplement," Rondeau said. "I don't think it's the end-all, be-all, so we also want to offer content on our app and eventually expand that so that if you can't make it to the gym that day, Planet Fitness also has at-home options."
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
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Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
