Covid-19 has thrown the fitness center trade right into a tailspin, wreaking havoc on among the largest names in health together with Gold’s Gym and 24 Hour Fitness, which each needed to file for chapter safety.
Planet Fitness additionally has needed to shut its doorways for months however in contrast to its rivals, the corporate is poised to dash previous the competitors as soon as the pandemic ends.
Gyms have been compelled to close down in March 2020 to attempt to curb the unfold of Covid-19, crippling the health trade, which is a $32 billion market within the U.S., with greater than 41,000 gyms and 64 million members. In some states, gyms have been among the many final companies allowed to reopen.
Before the coronavirus pandemic hit, Planet Fitness reported 53 consecutive quarters of optimistic same-store gross sales progress. But analysts say that with out the rollout of a vaccine, it could be till the tip of 2021 earlier than the corporate reaches pre-pandemic ranges of profitability. The firm has not supplied any steering on its enterprise for the remainder of the yr.
So regardless of the dire scenario within the fitness center trade can Planet Fitness really come out forward? And what does social distancing imply for the way forward for figuring out?