Shout out Planet Fitness (PLNT) CEO Chris Rondeau for putting the trendy gym studio scene in check.
"The studio space grew extremely quickly, maybe too quickly," Rondeau, who joined Planet Fitness in 1993, tells TheStreet. "One thing I look at with studios is that most of those concepts are very faddy -- the problem with those studios is if you are a spinning studio, you are always going to be a spinning studio, you aren't going to turn that into a treadmill studio tomorrow, it is what it is."
Rondeau is quick to praise OrangeTheory Fitness. Its studios incorporate different exercises and the space could be tailored to go after new training trends.
Rondeau's comments come from a position of strength. On Thursday, the discount gym operator revealed an insane 10.2% same-store sales increase for 2017. Adjusted profits surged 21.2%. The company opened 210 locations, bringing its total to 1,518.
In fact, Rondeau thinks Planet Fitness is benefiting from the rise of "faddy" gym studios.
"Where we benefit is that those studios you mostly need an appointment, and if there isn't space available you aren't working out that day," Rondeau says. "So if you are late at work you need a secondary gym option, so why not buy a $10 membership at Planet Fitness so you can still work out."
Now go hit those pecs.