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Planet Fitness Plans Huge Expansion, Targeting Sites Left When Other Retailers Go Under

Do you go shopping after your workout? Plant Fitness is counting on it as they search big box retail closures for their new locations.

Photo Courtesy of Bisnow.

Gym chain Planet Fitness is planning to open a total of 225 new locations this year, some of which will be in sites formerly occupied by Toys R Us or Sears.

Landlords are increasingly looking to Planet Fitness as key tenants who drive traffic to their centers and can't be “Amazoned”.

Planet Fitness is currently working with retailers who are looking to downsize in markets in which the gym chain is looking to expand.

The company has hired a handful of in-house real estate brokers to source sites.

They recently announced a collaboration with retailer Kohl's to open as many as 10 Planet Fitness locations adjacent to Kohl's stores in 2019, and perhaps more after that.

Pairing with Kohl's is an opportunity to introduce shoppers to the company's fitness concept, while simultaneously driving traffic to Kohl's stores.

Planet Fitness company’s research shows that its members tend to stay nearby for shopping after visiting a Planet Fitness.

76% of members combine gym visits with other shopping.

89% of members shop at other retailers within their gym's shopping center.

The company has already gotten off to a strong start this year, opening 65 locations during the first quarter.

Planet Fitness's first-quarter 2019 revenues of $148.8M represented a 22.7% increase year over year, and the company expects a 15% increase for the full year.

Same-store sales were up 10.2% compared with a year ago, the latest quarter in 12 straight years of annual sales growth.

Shares of Planet Fitness have ballooned by more than 400% over the last four years.

2019 Bisnow.

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