It is always a harsh reality when people lose jobs due to new technological innovation. The silver lining is that different jobs are then created by new developments in the market as a response to shifting demands.
Amazon is a prime (no pun intended) example of a company that reveals some of the ways this process is made manifest. Many bookstores closed when they offered to ship books at a cheaper price to the consumer. Today, a former Borders employee could work at an Amazon brick and mortar store, although those are by no means ubiquitous the way bookstores were years ago.
Amazon also contributed to the closing of goliaths toy and department stores of the 1990’s. Now those who want to work in the fitness industry should find more job opportunities at one of the nation’s most popular gym chains as a result. Planet Fitness plans to open more than 200 new gym locations in 2019, according to a recent article from Bisnow. Story author Dees Stribling outlined the company’s development and strategic vision, writing:
Gym chain Planet Fitness is planning to open a total of 225 new locations this year, some of which will be in sites formerly occupied by Toys R Us or Sears, though the company has not specified where all of those locations will be.
For Planet Fitness, retail closures can mean opportunities for new locations.
“Looking ahead, real estate trends appear to remain in our favor as many brick-and-mortar retailers continue to close stores and landlords are increasingly looking to Planet Fitness as key tenants who drive traffic to their centers,” Planet Fitness CEO Chris Rondeau said during the company’s quarterly earnings call in February.
Last year, Rondeau articulated a similar notion when he said that the gyms drive traffic and “we can’t be Amazoned.”
Planet Fitness is currently working with retailers who are looking to downsize in markets in which the gym chain is looking to expand, according to Rondeau. Toward that end, the company has hired a handful of in-house real estate brokers to source sites.
Recently the Hampton, New Hampshire-based fitness specialist announced a collaboration with retailer Kohl’s to open as many as 10 Planet Fitness locations adjacent to Kohl’s stores in 2019, and perhaps more after that. …
The company has already gotten off to a strong start this year, opening 65 locations during the first quarter, and ending Q1 with more than 13.6 million members and more than 1,800 locations.
The free market is a complex system that puzzles even the brightest experts who have dedicated their lives to studying it. One thing is for certain though, more people staying active by going to the gym is an encouraging trend.
To read Stribling’s full writeup, click here.