Planet Fitness to raise membership for first time in 26 years [Video]

The Planet Fitness $10-a-month membership plan is a powerful marketing tool and a central part of its strategy. But the largest gym chain in the United States is hiking that monthly fee for the first time in more than two decades.Planet Fitness will raise the price of its “classic” membership from $10 a month to $15 for new members beginning in the summer. The “classic” membership gives people access to one location. (Planet Fitness’ $25 monthly “Black Club” membership offers more location access and perks. Planet Fitness is not hiking this fee, although executives said they may begin testing higher prices for the plan.)Planet Fitness executives did not specify why the chain is raising the basic plan by 50% for the first time since 1998, but the move comes as higher interest rates and construction costs have slowed down new gym openings. Planet Fitness has no-frills gyms, with a basic …