Planet Fitness Announces Development Partnership With Kohl’s
Posted: March 5, 2019 in Chains
HAMPTON, N.H. – Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S., together with Kohl’s (NYSE: KSS) announced a strategic collaboration to initially open up to 10 Planet Fitness stores adjacent to select Kohl’s stores across the country in 2019 with the opportunity for additional locations in the future. Planet Fitness will leverage approximately 20,000 – 25,000 square feet adjacent to each of the select Kohl’s stores in various markets throughout the country.
“In today’s evolving retail landscape, our differentiated approach to fitness continues to drive traffic to shopping centers across the country, and with over 12.5 million members, resonate strongly with consumers,” said Chris Rondeau, chief executive officer at Planet Fitness. “We are excited to announce this initial expansion and partner with Kohl’s to drive new and complementary traffic to these locations, while introducing shoppers to our high-quality, judgement-free, fitness experience at a great value.”
“We continue to see our Rightsizing strategy as an important initiative to not only leverage our real estate assets but also drive traffic to our stores through key partnerships,” said Michelle Gass, Kohl’s chief executive officer on the company’s fourth quarter earnings call held this morning. “Today, I am excited to announce our new partnership with Planet Fitness, which will initially include up to 10 Planet Fitness locations. We see the Rightsizing strategy as a large opportunity for Kohl’s.”
Planet Fitness opened 230 stores in 2018 – the most to date annually – and has over 1,700 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, Panama and Mexico.