Planet Fitness plans to open nearly 200 clubs this year, focusing on space once occupied by struggling retailers and targeting the next generation of fitness enthusiasts for its membership.
The expansion comes as health-conscious Americans are willing to ante up to improve their physiques. The industry has sprung back from the pandemic, when there was a shakeout of gym chains after they were ordered to close their doors during COVID-19 lockdowns.
Planet Fitness, a Hampton, New Hampshire-based firm with 2,896 locations as of Dec. 31, laid out its 2026 growth plans in reporting fourth-quarter earnings Tuesday. The company outlined how it is trying to attract not only teens, but also users of GLP-1 weight loss drugs as prospective gym-goers.
CEO Colleen Keating told Wall Street analysts that Planet Fitness had rolled out 104 clubs — 93 franchisee-owned and 11 controlled by the company — in the fourth quarter. For the full year, the chain opened 181 new clubs, including 158 franchisee-owned and 23 corporate-owned locations.
“We also augmented our social media strategy to reach our younger consumer.”
In 2026, Planet Fitness's goal is to be roughly at par with that pace, debuting roughly 180 to 190 locations, with most coming toward the back end of the year, according to Keating.
"We ended the year with approximately 20.8 million members and a global footprint of nearly 2,900 clubs, reinforcing the quality of our member experience and our compelling value proposition," she said. "Anyone can get a great workout at Planet Fitness for an incredible value."
The company still faces competition from other gym chains as more Americans are willing to spend on working out. And the chain needs to edge out other retailers competing for real estate.
Tenant coveted by landlords
Even so, the chain is benefiting because fitness clubs are the darlings of retail landlords. Following a surge of traditional retailers filing for Chapter 11 bankruptcy protection and closing stores, malls and shopping centers are welcoming new kinds of tenants, including gyms and supermarkets. Fitness clubs are desirable because they attract repeat visits and boost a retail property's foot traffic.
A recent survey by the Health & Fitness Association — a trade group for the industry — found that Americans plan to spend an estimated $60 billion to support their health and fitness goals in 2026, with most consumers viewing fitness as a protected household expense rather than a discretionary luxury.
Today, there's a cadre of fitness-club operators that are rapidly expanding, including not only Planet Fitness but also operators such as Crunch Fitness and Anytime Fitness.
The industry has also become more segmented. Planet Fitness touts its low membership prices and welcoming atmosphere for patrons at all levels. Then there are pricier boutique-type chains, such as Barry's Boot Camp and OrangeTheory Fitness. And on the bigger and higher-end scale, Life Time is rolling out resort-style “athletic country clubs.”
Keating addressed Planet Fitness' quest to expand and lease space during the earnings call.
"While the real estate market showed a few signs of easing in 2025, it remains highly competitive," she said. "We are navigating this by partnering with franchisees to demonstrate our unique value proposition to landlords — specifically, how Planet Fitness drives foot traffic that benefits the entire retail center."
Gym chain takes former big-box space
Keating added that the chain is "leveraging industry relationships to capitalize on prime site opportunities emerging from retail bankruptcies."
A recent report by Weitzman, a Dallas-based brokerage, cited various examples of Planet Fitness leasing former big-box space and former locations of bankrupt chains. For example, Planet Fitness took a former Big Lots space at 6708 Lake Worth Blvd. in Lake Worth, Texas, as well as a former Bed Bath & Beyond at 6400 W. Plano Parkway in Plano, Texas.
The chain is also seeing success when franchisees acquire small portfolios of regional gyms to convert to Planet Fitness clubs.
Keating described that real estate approach as "an effective way of expanding our footprint in high-demand, tight real estate markets."
That strategy can also "be beneficial from a build-cost standpoint as electrical and plumbing is already in place and from a financial-ramp standpoint as we have seen a solid percentage of members convert to Planet Fitness," according to Keating.
She also discussed the chain's "intentional focus" on younger fitness enthusiasts as a driver of its membership growth.
Focusing on youth and users of weight-loss drugs
One of its recruitment tools is the High School Summer Pass program, which allows teens aged 14 to 19 years old to work out for free at any of its U.S. and Canadian locations from roughly June 1 through Aug. 31.
"We also augmented our social media strategy to reach our younger consumer and increased our use of influencers to promote the Summer Pass," Keating said.
She added that "through the end of the year, we converted 8.3% of team participants to paying members, which represents an elevation in conversion over the past two years. Our strong conversion rate reflects how young people prioritize their well-being and we provide them with a judgment-free environment to start or continue their fitness journey."
The CEO also said Planet Fitness is "leaning into the evolving health landscape, specifically regarding GLP-1," the hormone behind weight-loss drugs such as Ozempic and Wegovy.
Because those treatments "can lead to a loss of muscle mass, it's essential that users incorporate strength training to maintain their overall health," according to Keating.
"Our judgment-free environment makes us the natural partner for this growing demographic," she said. "A recent survey conducted by one of our franchisees indicated that roughly 50% of people who take a GLP-1 consider a gym membership. We see positive indicators for continued growth in demand for our offering as GLP-1s become more accessible through lower pricing and pill formats."