master-cooks | How Jersey Mike's Went From A Local Sandwich Shop To A Global Franchise

Jersey Mike's began as a small sandwich shop in Point Pleasant, New Jersey, in 1956, originally named Mike's Subs. The shop built a reputation for its authentic submarine sandwiches, made with high-quality ingredients and a commitment to freshness. In 1971, Peter Cancro, a high school student who worked at Mike's Subs, purchased the shop with financial help from a local banker who recognized his passion and potential. Cancro's vision for the business was to expand beyond its local roots, focusing on customer service and community involvement as core values. Under Cancro's leadership, Jersey Mike's transformed into a franchise model in 1987, allowing the brand to grow steadily across the United States. The franchise's success was fueled by its authentic offerings, including freshly sliced meats and cheeses, and its emphasis on giving back to local communities through charitable events. Jersey Mike's dedication to maintaining its original principles while scaling operations contributed to its appeal. In the 2000s, the brand expanded internationally, tapping into the global market's appetite for quality sandwiches. Today, Jersey Mike's has thousands of locations worldwide, and its growth story is a testament to staying true to its roots while embracing new opportunities.

Jersey Mike's today

In a conversation with Forbes, Cancro reminisced about his choice at the age of 17 to purchase the restaurant. "I gave up a potential career in law and political science at North Carolina Chapel Hill," he shared. "At that age, you don't really consider the possibility of failure." Fortunately for Cancro, he did not encounter failure. Since acquiring the store, Peter Cancro has grown to oversee nearly 3,000 Jersey Mike's locations. In November 2024, private equity firm Blackstone joined forces with Jersey Mike's, aiming to expand not just across the United States but globally. Although Cancro sold a majority stake in the sub chain, he continues to serve as CEO. Jersey Mike's has been valued at $8 billion, leading to estimates of Cancro's net worth being over $7.5 billion according to Bloomberg, or $5.6 billion according to Forbes. Regardless of the figure, Cancro ranks among the top 600 wealthiest individuals in the world.

If you find yourself at a Jersey Mike's, consider trying an Original Italian to see how it stacks up against others in our ranking of the best Italian subs in the United States, or if it surpasses one of Subway's popular offerings, the highly praised Hotshot Italiano. Not in the mood for Italian? Perhaps a Cuban sandwich from the secret menu will outshine the best Cuban sandwiches in the country.

How Jersey Mike's Went From A Local Sandwich Shop To A Global Franchise

Jersey Mike's today

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