Planet Fitness (NYSE:PLNT) CEO Chris Rondeau discussed the gym’s unique business model that has lifted it above its competition and helped the company reach a major milestone.
Continue Reading Below
“We actually in March, for the first time ever, broke ten million members [at] Planet Fitness, so it’s a big milestone for us, big milestone for the industry, Rondeau told the FOX Business Network’s Stuart Varney.
Rondeau says the focus of the gym is people who have never been to a gym or are casual users.
“We want to introduce a lot of people to fitness. Eighty percent of the U.S. population does not belong to a gym Stuart. So, we’re really going after the eighty percent trying to get them off the couch, trying to get them re-acclimated to fitness.”
Planet Fitness charges just $10 a month, and even has a pizza night on the first Monday of every month.
“First Monday of every month is pizza night nationwide at all 1,300 locations. It’s kind of our way to break down the barriers, come as you are, you know, comradery between the members and the staff alike. We feel like if you work out a couple days a week, you deserve to splurge once a month.”
Because of Planet Fitness’ unique strategy, Rondeau had a different perspective on who the gym’s key demographics are.
“I feel like because I’m going after the 80% that doesn’t have a gym membership, I look like my competition is the movie theaters and the restaurants quite honestly.”