Figaro’s Pizza

Planet Fitness is one of the largest fitness center operators in North America, built on a straightforward premise: make fitness accessible and welcoming to everyday people rather than hardcore gym enthusiasts. Founded in 1992 in Dover, New Hampshire by Michael and Marc Grondahl, the company recognized that traditional gyms felt intimidating to many potential members. That insight became the foundation for what the founders called the "Judgement Free Zone," a brand positioning that has remained central to the company's identity for over three decades.

The business model is built around affordability and scale. Planet Fitness operates through three segments: franchising, corporate-owned stores, and equipment sales. The company charges low monthly membership fees, typically around $10 to $15 for basic access, with premium tiers like the PF Black Card offering additional amenities such as guest privileges, tanning, and massage chairs. This high-volume, low-price approach has proven durable. As of March 2024, Planet Fitness operated more than 2,500 locations across the United States, Canada, Latin America, and Australia, with approximately 19.6 million members. More than 90 percent of those locations are independently owned and operated by franchisees, making the company primarily a franchisor and equipment supplier rather than a direct operator.

The company's growth trajectory has accelerated in recent years. In 2024 alone, Planet Fitness opened 150 new clubs and added 1 million net members since the end of 2023, while reporting a system-wide same-club sales increase of 5 percent. This expansion reflects both strong franchisee demand and the brand's ability to penetrate new markets while maintaining performance in established ones. The company generates approximately $1.1 billion in annual revenue and trades publicly under the ticker PLNT.

For commercial real estate professionals, Planet Fitness represents a stable, credit-worthy tenant with a proven real estate model. The brand requires relatively standardized footprints, typically 8,000 to 12,000 square feet, and performs well in suburban and secondary markets where land and occupancy costs are moderate. Locations are commonly situated in power centers, lifestyle centers, and street retail with strong visibility and convenient parking. The company's franchise-driven growth model means that individual franchisees, rather than corporate, are the direct tenants, but the brand's national scale and membership base provide underlying stability. The company has demonstrated resilience through economic cycles and continues to attract new franchisees, signaling confidence in the unit economics and market opportunity.