Fitness International LLC (parent of LA Fitness) successfully refinanced its credit facilities.
Health Club News
The Fitness Industry is thriving post-pandemic, as a growing population prioritizes their overall health and wellbeing. The pandemic itself brought about new trends in the industry as well, which included fitness operators placing greater emphasis on omnichannel offerings.
Combined, the 'Big Four' of restaurants, fitness centers, discounters, and grocers account for a majority of demand for retail space across the United States, responsible for just over 51% of the total amount of retail space leased in 2021 and 2022.
The acquisition brings EoS Fitness’ total club count to 75 open gyms and expands its Texas presence.
Fitness went online during the pandemic as stay-at-home orders kept gym-goers inside. But the industry came roaring back as soon as vaccines became widely available and COVID concerns abated. And two players, in particular, are seeing outsized success within their regions.
Planet Fitness, Hampton, New Hampshire, reported 2022 revenue of $936.8 million, a 59.6 percent increase, and fourth quarter 2022 revenue of $281.3 million, a 53.2 percent from the same periods in 2021.
After suffering deadly blows at the height of the pandemic, the fitness industry has made a triumphant comeback.
Planet Fitness had 17 million members at the end of 2022, a growth of 1.8 million members during the year, the company shared on Jan. 10, ahead of its presentation that day at the 2023 ICR Conference.
As 2022 comes to a close, many health club and studio owners are seeing revenue and membership increases, even as some estimates put the number of permanent club and studio closures during the past three years at 30 percent, thanks for the COVID-19 pandemic.
Retail property fundamentals remained rock-solid in the third quarter as retailers continues to open more stores than they closed.