Jersey Mike’s ‘East Coast-style” Subs and CEO Are Standouts in the Market
No. 4 Jersey Mike’s Subs — It’s a long way from Point Pleasant, N.J., to Portland, Ore., but that’s how far Jersey Mike’s Subs has spread during the last 57 years—ever since CEO Peter Cancro took over a small sandwich operation on the Jersey Shore in 1975 and started franchising in 1987, changing the name from “Mike’s” to “Jersey Mike’s.” For his efforts to push the brand west from the Atlantic to the Pacific, the founder of Jersey Mike’s Franchise Systems was named Entrepreneur of the Year by the International Franchise Association earlier this year for his guidance of the top franchise.
Reported sales for 2011 were $255 million, an increase of 16.7 percent over the previous year, making it No. 1 in system-wide sales growth in the sandwich segment, according to one publication.
With more than 5 percent of total segment sales, the company differentiates itself with an “East Coast-style” sensibility, marketing itself as a maker of high-quality “authentic subs” created from private-label meats and cheeses freshly sliced, and cheese steaks made from meats grilled in the store. Cancro has said he doesn’t consider other sandwich shops to be competition.
"If I were considering buying a franchise today, checking territory availability would be one of my first steps — yet most buyers leave it until last." — Ambrosio, Franchise Chatter
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible — saving you months of wasted research.“Our market research has shown that our customers, if they are not coming to us, they are going to places like Chipotle or Panera, not other sub chains.”
The estimated initial investment to open a Jersey Mike’s Subs restaurant ranges from $150,082 to $519,970.
Like Firehouse Subs, Jersey Mike’s earns customer loyalty through a robust fundraising program for charities. During March 2013, the chain celebrated its third annual Jersey Mike’s Month of Giving and raised $1.7 million for 86 different charities nationwide. The total amount raised in three years is nearly $7 million.
To read about the next franchise on our list of Top 10 Sandwich Franchises for 2013, please click here.
To read about the previous name on our list, please click here.
"Multi-unit ownership is where the real wealth in franchising is built — and it starts with one key decision: choosing a brand with enough territory runway to grow into." — Ambrosio, Franchise Chatter
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