Planet Fitness, one of the fast-growing fitness franchisors, recently announced it has signed a new franchise agreement to expand into the Mexican market. The move was made in partnership with Ibarra Group (IBG), a well-established Mexican retail service, and will see at least 80 new stores in the country with the next five years.
"With this expansion, we are meeting an important need in the market as 73 percent of the Mexican population is overweight and 97 percent of the population doesn’t yet belong to a gym," said Chris Rondeau, Chief Executive Officer at Planet Fitness. The brand hopes offering its high-quality fitness centers at affordable prices will fulfill the need for non-intimidating workout spaces.
Affordable Gym Center Expansions
Planet Fitness Announces Plans to Expand to Mexico
Trend Themes
1. Affordable Fitness Centers - The establishment of affordable fitness centers in underserved markets such as Mexico may disrupt traditional gym models focused on premium pricing.
2. International Franchising - International franchising of fitness centers can facilitate growth and expansion while also testing new markets and operational models.
3. Diversification of Fitness Offerings - Diversification of fitness offerings to cater to diverse markets such as overweight populations and gym novices can enable greater reach while offering competitive differentiation.
Industry Implications
1. Fitness and Wellness Industry - The fitness and wellness industry is ripe for disruption through the establishment of affordable fitness centers, international franchising, and diversification of fitness offerings.
2. International Retail Industry - The international retail industry can benefit from partnerships with established franchisors catering to underserved markets such as the overweight and gym novices.
3. Hospitality Industry - The hospitality industry can explore opportunities for diversification by offering fitness and wellness services in their properties to cater to health-conscious travelers.