Planet Fitness, the health club company whose low prices and hassle-free atmosphere have struck a chord with consumers, is being honored in the September issue of Inc. magazine as one of the fastest-growing private companies in America.
Planet Fitness finished number 471 on the lnc. 500, which ranks the nation’s top private businesses based on revenue growth between 2005 and 2008. In that period, Planet Fitness’ revenues grew from $15.2 million to $99.4 million — an increase of 551 percent.
“It’s been a perfect storm for Planet Fitness,” said chief executive officer Michael Grondahl. “Consumers today are looking for ways to save money, and we’re the low-price leader. We’ve changed the paradigm in the health club industry.”
Planet Fitness, which has 280 locations in 31 states, has achieved its growth by defying conventional wisdom — and by perfecting a high-value/low-cost model that focuses on the needs of occasional or first-time health club members rather than hard-core fitness fanatics.