JERSEY MIKE’S SUBS INVESTING $150 MILLION IN ITS FRANCHISEES’ RESTAURANTS

the staff of the Ridgewood blog

Ridgewoood NJ,Jersey Mike’s Subs is embarking on a systemwide renovation program that’s expected to cost $75,000 per store, which the franchisor has agreed to pick up across the 1,700-unit quick-service sandwich chain for a total projected outlay of $150 million.

The rehab is expected to generate a 10% per-store pop in sales, which would translate into an increase in the franchisor’s royalties. But the benefit underscored by Jersey Mike’s CEO, founder and principal owner Peter Cancro is the impact on development. The return on the home office’s investment should enable franchisees to open more stores. According to Cancro ,“We added 181 stores last year,” ,“This year, it might be 225.”

The program is one of two major initiatives Jersey Mike’s is undertaking in 2020 under what Cancro describes as the brand’s founding policy of giving to franchisees, to employees and to the communities those parties serve. Headquarters is also undertaking a program that aims to give 25 restaurants to store managers who yearn to be an owner but don’t have the needed financing.