— By Katie Lee —
Founder Peter Cancro looks back on 50 years of Jersey Mike’s ownership — and what the next 50 could bring.
When he was 17, it was a very good year for Peter Cancro. The high school senior was president of his class. He was on track to study law and political science at the University of North Carolina-Chapel Hill; he might even play football there. He’d worked part-time at the local sandwich shop since he was 14. Summers were a blast because the sub shop, catering to the beach crowd, was always hopping. Mike’s Subs had been a local hangout on the Jersey Shore since 1956. Peter was a busy, happy, hardworking kid.
In the spring of 1975, a couple months shy of graduation, Peter diverged from the safety of his college-bound path. It was his last semester, and he had already been skipping English and gym class — putting his own graduation in jeopardy — to open Mike’s Subs where he worked after (and apparently during) school. When the 1,000-square-foot store in Point Pleasant, New Jersey, came up for sale, the entrepreneurial teen bought it himself — at the urging of his mother and with financial backing from his football coach, Rod Smith. In May, the newly minted owner of Mike’s Subs rolled up to his high school graduation behind the wheel of a Mike’s Subs van. Peter never made it to the University of North Carolina.
“When you’re 17, you don’t know any different so you just go after it,” Cancro says, looking back on that fateful spring 50 years ago. “I saw what was going on in the business in the summer, just this incredible volume in 1,000 square feet. In today’s dollars we were doing $130,000 a week in sales, so it was crazy — all mostly takeout. I think we had 15 seats. That’s why we did so well during COVID. All that takeout/pickup at the door, or third-party delivery, is perfect for us.”
Pre-COVID, Cancro says, non-traditional orders and deliveries were “nonexistent” but now approximately 60% of Jersey Mike’s orders come from people walking in and taking out, 20% are people ordering online and picking up, and another 20% are third-party deliveries.
“We were hoping to increase that third-party delivery without taking away from the 60% coming in — in other words, there is another good percentage of business out there that we still have to go after,” he says.
Growing the Brand
By 1987, the business was sporting a new name — Jersey Mike’s — and franchising nationwide. Today, the iconic fresh-sliced, fresh-grilled sandwich brand has more than 3,050 locations open and in development. Eventually, Cancro sees the business reaching 7,500 — maybe even 10,000 — stores. “We’ve got a long way to go,” he says. But they are well on their way: Jersey Mike’s was just recognized as one of the fastest growing fast-casual restaurants in America, ranking #2 on Entrepreneur’s 2024 Franchise 500 list.
Most units average 1,200 to 1,500 square feet — larger than the original 1,000-square-foot Point Pleasant location. The company has a few freestanding locations, but it’s not a type of real estate it typically seeks out. It also doesn’t pursue units with drive-thrus.
“Drive-thrus we’ll take when we can, but it hasn’t really proved out for us like a Chick-fil-A, like a McDonald’s, Burger King,” Cancro says. “So we do [drive-thrus] but it’s more square footage and costs more. We’re not like Starbucks — I think they’re only opening drive-thru and freestanding. But for us, no.”
Cancro also emphasizes the importance of visibility in a shopping center. “We like to be able to see it, get to it and park,” he says. “That’s the criteria for real estate. It sounds simple but that’s kind of it. I always tell the experts, ‘Guys, you’ve got to be able to see it, get to it and park, and be out there in front of the shopping center, not tucked away.’ Grocery-anchored centers are what we go after.”
Jersey Mike’s is situated mostly in suburbs, but is moving more and more into cities these days. “You’ve got to open to win,” Cancro says.
Jersey Mike’s opened a record-breaking 322 locations in 2024, including its milestone 3,000th in December. Redberry Restaurants was named Area Director for Canada in 2024, with a development agreement to open 300 locations across the country in under a decade. In addition to owning two existing and recently remodeled locations in Kitchener and London, Redberry opened three new Ontario locations including Markham (August 2024), North York (October 2024) and Brantford (December 2024), with plans to open approximately 12 to 15 additional stores this year.
“[Redberry] is really a great group,” Cancro says. “That’s what it’s about internationally: get in with the right people.”
Jersey Mike’s also plans to expand in Europe, particularly in England. Finding the right partner, one that “gets” the Jersey Mike’s culture, will be key.
Speaking of ‘getting in with the right people,’ in November 2024 it was announced that Jersey Mike’s would partner with Blackstone, a private equity firm/asset manager that would buy a majority ownership stake in the Jersey Mike’s business. The partnership, which closed in January 2025, is intended to grow the franchise and utilize Blackstone’s capital and resources toward Jersey Mike’s ongoing investments in technology and digital platforms. Blackstone, known for successfully propelling the growth of leading franchisors, also recently invested in Tropical Smoothie Cafe and 7Brew Coffee. Cancro will still helm the business and retain a 10% ownership stake in Jersey Mike’s (although a new CEO is expected to be hired down the road, while Cancro maintains his ownership/founder duties).
“What’s great about Blackstone is they invested in our company, and we are allowed to run it,” Cancro says. “Obviously they give great strategic input on growth, on international, on IT — they’ve been great. You really couldn’t ask for a better group. You hear scary things about private equity, but these guys are very different.”
Cancro is assured that the quality of a famed Jersey Mike’s sub will not suffer in any way, shape or form. “No one in the nation is fresh-slicing and fresh-grilling the product to order,” he says. “Every sandwich concept out there, no one’s doing what we’re doing. It’s kind of a Jersey thing: you’ve got to make it fresh-to-order, fresh-sliced, fresh-grilled — or you get run out of town.” He adds, “They’re not going to change a thing.”
Giving Back
Another aspect of the existing business embraced by Blackstone — one that will not change — is Jersey Mike’s culture of giving. Giving back has always been core to the mission. Whether it is helping with hurricane relief or raising millions for 200+ charities on its annual Day of Giving, Jersey Mike’s gives back to the communities it serves.
Between September and December 2024 alone, for example, Jersey Mike’s raised more than $12 million for four charities: Breast Cancer Research Foundation (September), Feeding America’s Hurricane Helene Disaster Relief Fund (October), Best Buddies International (November) and Wreaths Across America (December).
“When I took over the business, I knew cause-related marketing is what we should be doing,” Cancro explains. “And that has been a foothold of our existence from 1975. That’s why it’s real, it’s genuine, and people get that —when we advertise about giving, it’s not about our company, it’s about the cause.”
In March 2025, Jersey Mike’s celebrated its largest Day of Giving yet, raising over $30 million for local charities. The company sponsors college basketball, college football, professional baseball, 5k and 10k races, kids’ cancer fundraising organizations, Make-A-Wish Foundation, among others. It has raised money to help communities rebuild after the fires in Maui and Los Angeles. Jersey Mike’s also is an official sponsor of the National Hockey League and, most recently, the National Football League.
“It’s the owners, you know — it’s not us,” Cancro says. “It’s not mandatory to be part of the Day of Giving, but everybody does it.”
The owner operators, in turn, are lent a helpful hand by Jersey Mike’s. From extended training of two months or more prior to opening a new shop to investing $300 million to renovate more than 1,700 locations a few years ago, owners know that Jersey Mike’s is there to support them and help them succeed.
“We help with selection of real estate, we help with the construction, we help with the lease signing,” Cancro says. “We go above and beyond as a franchise company. Most companies don’t do what we do, but that’s part of the ‘open to win.’”
— This article originally appeared as the cover story of the May issue of Retail & Restaurant Facility Business magazine. If you are interested in having your retail or restaurant concept profiled on an upcoming cover, email Editor Katie Lee at katie@francemediainc.com.