Planet Fitness was founded by Michael Grondahl in 1992 when he purchased a struggling gym and dramatically lowered prices in order to compete with bigger name fitness clubs.
Planet Fitness differs from other clubs as they focus on the needs of newcomers as well as those who might have a more difficult time exercising for various reasons and the member who only comes in occasionally. Each Planet Fitness offers “Bagel Morning”, “Pizza Night”, and Tootsie Rolls are always available.
As of January 2020, the company opened their 2,000 franchised location in Colorado Springs, Colorado.
The company is listed as #14 on the Entrepreneur List of Fastest Growing Franchises in America. The company has third party relationships to help finance start up costs and equipment. Planet Fitness is publicly traded on the New York Stock Exchange under the ticker symbol PLNT. In 2019, company stocked surged 38.7%.
Due to the coronavirus crisis and subsequent quarantine, nearly all Planet Fitness locations were forced to close. The company is slowly reopening certain locations as restrictions are lifted during August and September 2020.
As of 2019, the company states that only 80 Planet Fitness locations are corporate owned, the remainder are franchises.