Jersey Mike’s Subs’ History
1. The first Mike’s Subs opened in 1956 in the sea-side town of Point Pleasant, New Jersey. The small sub shop was centrally located on the legendary North Shore.
2. In 1972, Peter Cancro, who began working at Mike’s Subs at the age of 14, was just a high school student in Point Pleasant. Pretty ambitious for a 17 year old kid, Peter approached his football coach (who was a banker) when he learned that Mike’s Subs was for sale. The football coach backed his loan, so at the tender age of 17 — before he was legally able to slice a sub — Peter Cancro became the new owner and proprietor of Mike’s Subs.
3. Shortly after buying Mike’s, Peter married his wife Linda, and they opened a couple more local outlets of Mike’s Subs. In 1987, Peter began franchising. He changed the name from Mike’s Subs to Jersey Mike’s Subs to capture the authenticity of where the sub sandwich shop was born. Today, Peter Cancro is CEO of Jersey Mike’s Franchise Systems Inc., overseeing more than 500 locations open and under development.
Jersey Mike’s Subs’ Menu
2. Customers can choose from Cold Subs (like the Jersey Shore’s Favorite made with provolone, ham, and cappacuolo), Hot Subs (like Jersey Mike’s Famous Philly made with steak or chicken, and grilled onions and peppers), Wraps (like the Chicken Caesar made with grilled sliced chicken breast with lettuce, parmesan cheese, and creamy caesar dressing.) For those watching their carb intake, all subs can be made into a salad.
3. Jersey Mike’s wins best sub awards in virtually every market it enters — like Best Sub Shop in Bluffton, SC; Best Sandwich Shop in Orange County, CA; and NJ.com’s Favorite Sub/Hoagie Shop 2011, just to name a few.
4. Fans crave their subs made Mike’s Way™ with onions, lettuce, tomatoes, and a signature blend of olive oil, red wine vinegar, and spices.
Jersey Mike’s Subs’ Franchise Growth
1. When Jersey Mike’s Subs celebrated its 55th anniversary year in 2011, it opened its 500th restaurant, adding 69 new locations during the year, for record unit growth of 15 percent. In addition, in 2011, the company awarded contracts to open 216 restaurants in 76 territories, attracting multi-brand, multi-unit franchisees as well as providing expansion opportunities to existing franchise owners.
2. “Our 55th year has been full of milestones, from opening our 50th restaurant in the Los Angeles area to entering new markets including San Antonio, Philadelphia, and Louisiana,” said Hoyt Jones, president, Jersey Mike’s. “While we’ve seen record growth this year, we remain focused on the right growth — finding franchise partners who are savvy business people and share our passion for serving the best subs in the industry and giving back to our local communities.”
3. Jersey Mike’s will continue its steady growth in 2012, opening new units in 23 states including California, Illinois, Texas, Virginia, and Florida. Target markets for new franchisees include Seattle, New York, Atlanta, Minneapolis, Orlando and Tampa, Fla., Portland, Ore., New Jersey, and Houston.
Jersey Mike’s Subs’ Emphasis on Customer Service
1. When Mike opened the original restaurant in Point Pleasant, New Jersey, what really differentiated his sandwich shop was the experience he gave his customers — recognizing them by name, and knowing the sandwich they were going to order, because of their frequent visits. People would line up throughout the summer to buy the sub sandwiches that Mike was selling, and to enjoy the experience of coming into his shop.
2. When Peter Cancro was just a high school student working at the first Mike’s Subs, he loved working behind the counter, interacting and talking with the customers, and learning about where they were from and their summer vacation experiences. He took pride in knowing which authentic sub sandwich his loyal customers would order as they entered the store. When Peter became the new owner of the sub shop, he taught the crew to interact and talk with the customer, to share a passion for getting to know the customer.
3. Now, as the CEO of Jersey Mike’s Franchising Systems, Inc., Peter still jumps behind the counter to test his skills and demonstrate his passion for the product and the customer. He tries to instill that passion in every store he enters and with every franchisee he meets.
Jersey Mike’s Subs Gives Back
1. The company remains committed to making a difference in the communities it serves. In 2011, locations throughout the country raised more than $2 million for worthy local charities and distributed more than 200,000 free sub sandwiches to help numerous causes.
Estimated Initial Investment, Royalty Fees, and Marketing Fees to Open and Operate a Jersey Mike’s Subs Restaurant
1. The estimated initial investment to open a Jersey Mike’s Subs restaurant ranges from $150,082 to $519,970, inclusive of the initial franchise fee ($18,500), leasehold improvements ($52,000 to $287,600), and equipment ($36,099 to $83,307).
2. The Royalty Fee is 6.5% of Gross Receipts, payable weekly.
3. The required contribution to the Corporate Advertising Fund is currently 1% of Gross Receipts, while the required Cooperative Advertising Contribution is 2.5% of Gross Receipts, both payable weekly.
4. A typical Jersey Mike’s restaurant is located in a retail shopping center, and occupies from 1,000 to 2,000 square feet of space.