Planet Fitness is looking pretty huge after putting in so many hours at the gym: Earlier this week, the fitness chain announced plans to move into vacant Sears and Toys ‘R’ Us locations as part of a nationwide expansion.
Retailers including Sears and Toys ‘R’ Us have announced 6k+ US store closures this year.
But Planet Fitness is expanding its retail footprint: The company has 1.8k gyms across the US, 60% more than 3 years ago.
It plans to open another 225 gyms this year.
Biceps aren’t the only things growing: Shares of Planet Fitness have increased 400% over the past 4 years.
Consumers can buy nearly anything from the comfort of a couch. But investors believe gyms can still bring butts into buildings: Gym memberships have increased 37% since 2008 — even though 80% of Americans still don’t belong to a gym.
Planet Fitness has posted 12 straight years of sales growth at gyms open for at least 1 year and plans to expand its network to 4k gyms.