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Life time fitness6/19/2023 She said she has met numerous friends at the fitness center where she plays pickle ball and participates in body flow classes and other workouts several times a week. While the amenities are a selling point, it is the community aspect of the Eagan Life Time club that Kathy Gleason, 59, of Burnsville said is a major draw. You can do this everywhere and there's no one else in our position." You can go to play pickle ball across the country. "You can can go to beach clubs across the country. "You don't have access to one location like when you join a country club," he said. Akradi's vision is for Life Time facilities to more closely resemble country clubs - with spas, tennis courts and saunas - than gyms. Life Time opened six new centers in 2021, and executives plan 12 this year. Lifetime Fitness trainer Sofia Mathews led a GTX class at the company’s gym in Chanhassen earlier this month. Other fitness chains, such as Orangetheory Fitness, are also working hard to engage people, he said. "The old model for the old-school gyms that were out there would be to sign a member up and hope they don't show up," Baumgartner said. Life Time, which tries to foster a community atmosphere, is part of a cultural evolution in which fitness is embraced as a lifestyle, said John Baumgartner, an analyst for Mizuho Securities. It recently converted one of its fitness centers in Bloomington to be entirely dedicated to pickle ball. Life Time also introduced more engaging programming modeled after its adult classes for older tweens.Īkradi also wants Life Time to become a premier destination for pickle ball, a low-impact sport the entire family can play. In January, Life Time launched a program called Arora aimed at people 55 and over with designed workouts and social events. "I need to give you the opportunity to come to the club and take my spin class, but if you are stuck somewhere and you can't come, you can open your app and take my class. "I have to provide you the opportunity to be healthy and happy anytime anywhere," Akradi said. Life Time founder and CEO Bahram Akradi, in a 2019 file photo " as the temperature lifts and pool decks open, the spring and summer recovery may prove more important to watch." ![]() "They are not seeing the same speed of catch up like others, such as Planet Fitness," said Simeon Siegel, a senior analyst at BMO Capital Markets. Whereas the industry average in foot traffic was down 11% beginning this year compared to the same time in 2020, Life Time was down 21%. It also falls behind other major fitness chains' foot-traffic numbers, according to analysis by BMO Capital Markets. Life Time's foot traffic at the beginning of this year as calculated by data firm Placer.ai continues to lag its own numbers from early 20 before the pandemic. And executives and analysts expect it to be in the red in the early part of this year. Life Time lost money in the last three months of 2021, the company disclosed earlier this month. Still, it may take some time for the company's bottom line to rebound. ![]() "This is a mammoth business that has been handcuffed for the last couple of years and handcuffs are off," founder and chief executive Bahram Akradi, said in an interview earlier this month. It is adding more cash by selling the real estate at some of its more than 150 clubs and leasing it back. Life Time shored up its balance sheet by relisting on the stock market last fall, a move that raised $700 million. Revenue this year could reach 2019's level, executives say. Its monthly dues average is $135 per membership, up 30% from a year ago. ![]() Its center membership - which dropped from around 850,000 in 2019 to 500,000 at the end of 2020 - was around 650,000 as of the end of last year. Life Time Group Holdings, the Chanhassen firm that's one of the nation's largest fitness center operators by revenue, is rebuilding its muscle after being stunted by the pandemic. "The energy has been amazing from going from an empty club to feeling and seeing people," Haider said. Low chuckles from a group of chiropractors in the cafe, members greeting staffers as they entered the building, and the peal of children's laughter: It was all music to the ears of general manager Chet Haider, who remembered being the only one in the building for months at the start of the pandemic. The Life Time athletic club in Eagan hummed with activity on a recent Friday afternoon.
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