Gyms Are Expanding and Many are Eyeing Mall Vacancies

Did you know that Planet Fitness was the #1 ranked tenant by total new square footage leased since the start of 2017 across all “mall” tenants?

Fitness is an expanding sector and one of which is near internet resistant. With more than 36,000 clubs across the US with 60M+ members, consumers are more health conscious as ever in today’s day in age.

Many shopping center landlords are seeking fitness uses as ideally anchor tenants to drive traffic and promote tenant synergy within a development. It is a great use as its members typically visit the club multiple times a week.

Simply put, fitness in shopping center is essentially internet resistant!

The use concept is great for landlords as it allows them the ability to drive traffic and create a gravitational pull to a shopping center. The average fitness club generates 1,500 to 1,800 visits per day.

It is a destination driver that creates a regular weekly stop for consumers in the marketplace and increases the statistics of consumers purchasing other goods or services from neighboring tenants.

Over the past couple years, leasing in malls and lifestyle centers has seen a significant increase, growing by about 70% since 2013, according to Drew Myers with CoStar.

[Source]