"We will go to wherever the market allows us to go," says Bahram Akradi, Life Time's chairman, president and CEO. "We are as intense in site-selection as anyone we've ever seen," he adds.
Life Time has eight new facilities planned to open this year and the same number in 2007. To date this year the company has opened units in Minnetonka, MN; Columbia, MD; and Allen, TX. For the remainder of the year, stores are planned in Salt Lake City; Overland Park, KS; Alpharetta, GA; as well as two in the Phoenix area.
Most new Life Time units are around 110,000 sf, though the company will take a spot as small as 40,000 sf, depending on the area. Management requires about 160,000 people in a six-mile radius to open a store. A club needs three years to mature and about 5,500 members to break even.
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