When businesses were forced to shut down during the COVID-19 pandemic, gyms found themselves particularly vulnerable. One company that managed to weather the storm (without losing a single location) and is now poised to come back stronger than ever is Planet Fitness. In this episode, we hear from the CEO of Planet Fitness, Chris Rondeau.
From working the front desk of a single location in New Hampshire to CEO of a public company with 2000+ locations, Chris Rondeau takes us through the evolution and success of Planet Fitness in his almost 30 years with the company, and offers a sneak peek of what investors can expect from the gym chain in the future. Between their focus on creating a judgement-free environment perfect for first-time gym goers, and an economic model that makes franchising profitable and relatively simple, Planet Fitness stands to take full advantage of the “fitness boom” Rondeau is predicting in the near future.
In this episode, we’ll hear from Chris on how Planet Fitness is continuing to grow their already over 15 million members by centering the mindset of their specific clientele, investing in ways technology can add additional value, and honing in on how to attract the already fitness-minded Gen Zers who are aging into membership.
Highlights:
- The origin stories of Planet Fitness and Chris Rondeau (2:12)
- How they knew the economic model worked for franchising (6:32)
- Effects of the Covid-19 pandemic on the gym industry (8:25)
- Redefining the industry: Wellness vs. Vanity (11:06)
- Real estate and providing value to landlords (12:15)
- Digital innovation in the fitness industry (14:52)
- New Year’s Eve and capitalizing on January’s resolution-makers (18:52)
- Investors and how Planet Fitness makes money with $10/month membership (21:14)
- Imagining the future of Planet Fitness (25:39)
- Creating value for shareholders and stakeholders (28:38)
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If you have questions about the show, or have a topic in mind you’d like discussed in future episodes, email our producer, andrew@lowerstreet.co
