Planet Fitness raises prices for the first time in over 25 years
The national gym is hiking its prices for the first time since 1998.
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off yet another positive day on Wall Street with the Dow on track for another winning streak. Investors are encouraged after the Fed indicated that its next move is unlikely to be a rate hike, a solid earnings season and softer labor market data - also boosting sentiment.
While over 80 percent of companies in the S&P 500 have released results, investors are looking ahead to earnings from Alibaba, Home Depot, Walmart and Under Armour due out next week.
In other news - Planet Fitness is doing something it hasn’t done in 26 years: raising the price of membership. Since 1998, the cost of a basic membership has been $10, but the company announced that will now increase to $15. Much like Costco’s $1.50 hotdog, Planet Fitness’ $10 membership had become attached to the brand.
The 50 percent price hike comes as higher interest rates and construction costs have forced the company to slow down new gym openings. Interim CEO Craig Benson said “We’ve seen in every industry people move in price. So, it is not going to come as a shock to anybody that we are moving a price that’s been in effect for a long, long time.”
However, the increase only applies to new members. Planet Fitness says current members will pay the $10 per month for the duration of their membership. The company also said its top-tier membership, which costs $25 a month, will see a price increase in some locations in the summer of 2024. Welcome to GYM-flation.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe | http://t.st/TheStreetTV
Earn. Live. Invest. | https://www.thestreet.com/
TheStreet Pro | https://pro.thestreet.com/
#planetfitness #gym #gymmembership
Видео Planet Fitness raises prices for the first time in over 25 years канала TheStreet
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off yet another positive day on Wall Street with the Dow on track for another winning streak. Investors are encouraged after the Fed indicated that its next move is unlikely to be a rate hike, a solid earnings season and softer labor market data - also boosting sentiment.
While over 80 percent of companies in the S&P 500 have released results, investors are looking ahead to earnings from Alibaba, Home Depot, Walmart and Under Armour due out next week.
In other news - Planet Fitness is doing something it hasn’t done in 26 years: raising the price of membership. Since 1998, the cost of a basic membership has been $10, but the company announced that will now increase to $15. Much like Costco’s $1.50 hotdog, Planet Fitness’ $10 membership had become attached to the brand.
The 50 percent price hike comes as higher interest rates and construction costs have forced the company to slow down new gym openings. Interim CEO Craig Benson said “We’ve seen in every industry people move in price. So, it is not going to come as a shock to anybody that we are moving a price that’s been in effect for a long, long time.”
However, the increase only applies to new members. Planet Fitness says current members will pay the $10 per month for the duration of their membership. The company also said its top-tier membership, which costs $25 a month, will see a price increase in some locations in the summer of 2024. Welcome to GYM-flation.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe | http://t.st/TheStreetTV
Earn. Live. Invest. | https://www.thestreet.com/
TheStreet Pro | https://pro.thestreet.com/
#planetfitness #gym #gymmembership
Видео Planet Fitness raises prices for the first time in over 25 years канала TheStreet
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
BunnyRanch Owner Dennis Hof Offers Business Tips for Fortune 500 CEOsOprah co-author explains how social media can affect your wealthMemorial Day travel surge: Expect record air travel, busy roadsTop Retail Stocks for 2016: Dollar General, Restoration Hardware, Best BuySmartscooter May Change How People Travel in Mega CitiesNvidia's valuation is high, but ‘I’ve lost opportunity every time I sold it,’ trader saysWalmart posts strong quarter thanks to higher income shoppersU.S. sues to break up alleged Ticketmaster monopolyHere are a few tips for when it's time to ask for a raise. 💰There are more 401(k) millionaires than everHow Much Gold Will China Buy?Google Is Proud New Owner of World's Fastest RobotVolkswagen Earns Its Wings in Its Fifth Consecutive Super Bowl AdHere’s how to perfect your LinkedIn profile in four stepsTheStreet Delivers Actionable Financial News to InvestorsDigital Skeptic: Hardware is HotThe Expectations Are High for the Upcoming Apple Watch EventDetroit 2016 Auto Show Kicks off with Luxury Car PreviewFloridians Have Been Warned of a Direct hitDaily marijuana use is more popular than daily alcohol consumptionDOJ to sue Ticketmaster owner over alleged monopoly