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Jersey Mike's Subs

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A Sub Above, LLC
Jersey Mike's Subs
FormerlyMike's Submarines (1956–1975)
Company typeSubsidiary
IndustryRestaurants
GenreFast Casual
Founded1956; 68 years ago (1956)
Point Pleasant, New Jersey
FounderPeter Cancro
Headquarters
Wall Township, New Jersey
,
United States
Number of locations
Increase 3,500 (2023)
Areas served
  • United States
  • Canada
  • Mexico
Key people
Peter Cancro (CEO)
Products
RevenueSteady US$974.1 million (2021)
Number of employees
19,000 (2021)
ParentBlackstone
Websitewww.jerseymikes.com
Footnotes / references
[1][2][3][4]

A Sub Above, LLC, doing business as Jersey Mike's Subs, is an American submarine sandwich chain headquartered in Manasquan, New Jersey. The Jersey Mike's franchise has about 3,500 locations, with locations in the United States, Canada, the United Kingdom, and elsewhere.[3] I

History

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In 1971, at age 14, Peter Cancro of Point Pleasant Beach, New Jersey, took a part-time job at Mike's Submarines, a neighborhood sandwich shop in the adjacent borough of Point Pleasant, at 1009 Trenton Avenue. The eatery, founded in 1956, was only a few blocks west of Point Pleasant Beach High School, and then on its third owner. Originally named Mike's Giant Submarine Shop[5] after its original owner, Michael Ingravallo, who with his wife Marie, owned several locations in New Jersey and Florida as part of her family's business.[6]

Marie's father, Jimmy Lepore, immigrated from Caserta, Italy, in 1922 and opened his first submarine shop on Tremont Avenue in the Bronx. After his family moved to New Jersey, they began expanding their business, eventually opening and leasing thirteen sub shops up and down the New Jersey coast. By 1979, the family had sold all but two.[7][8]

When the Point Pleasant shop went up for sale again in 1975, Cancro's mother suggested he buy it. With help from a high school football coach, who was also a banker, Cancro, then 17 and a high school senior, pulled together $125,000 in three days.[9][4][10] Cancro is the former majority owner and CEO of the company.

Cancro began franchising the restaurant in 1987. By 2014, it had 750 locations, with an additional 650 in some stage of development.[11] In 2015, 197 new locations opened and the total number of Jersey Mike's locations exceeded 1,000.[12] Jersey Mike's locations are gaining a larger presence on the West Coast, particularly Southern California. The original Jersey Mike's location on Trenton Avenue is still used as a training center for the company.

In January 2024, the company announced a major expansion into Canada with Redberry Restaurants, a large Canadian restaurant operator, in what would be the first major international expansion. The goal is for 300 restaurants over 10 years.[13]

It was announced on November 18, 2024, that Cancro had sold a majority interest in the business to Blackstone Inc. for eight billion dollars.[14]

Products

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Like the original 1956 Mike's store, each Jersey Mike's Subs restaurant serves submarine sandwiches, which are made to order slicing the meats and cheeses as needed. Ordering a sandwich "Mike's Way" tops it with sliced onions, shredded lettuce, tomatoes, oregano, salt, spices, and a mixture of red wine vinegar and olive oil. There is also a signature cherry pepper relish.

A "Jersey Shore's Favorite"—provolone, ham, and cappacuolo—on white bread

Some Jersey Mike's locations also serve various breakfast sandwiches during the morning hours, including sandwiches made with pork roll, a New Jersey product.

Advertising

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Beginning in September 2022, Jersey Mike's featured actor Danny DeVito, who grew up a few miles away from the original Jersey Mike's, in a series of radio and television commercials.[15][16]

See also

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References

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  1. ^ https://www.inc.com/dave-schools/how-jersey-mikes-ceo-turned-125000-into-1-billion.html [bare URL]
  2. ^ "Peter Cancro, Jersey Mike's Franchise Systems Inc: Profile and Biography". Bloomberg.com. Retrieved 2022-11-26.
  3. ^ a b "Start a Jersey Mike's Subs Franchise in 2024". Entrepreneur. Retrieved 2022-01-26.
  4. ^ a b Schools, Dave (2018-03-15). "How Jersey Mike's CEO Turned $125,000 Into $1 Billion". Inc. Retrieved 2022-01-26.
  5. ^ "Don Fioretti, 'Ball Manager". Asbury Park Press. 1958-02-19. Retrieved 2024-06-03.
  6. ^ "New Sandwich Shop To Open". The Madison Eagle. 1964-12-17. Retrieved 2024-06-03.
  7. ^ DeMasters, Karen (1979-09-02). "Immigrant Traveled Rocky Road To Sub Shop Ownership". Asbury Park Press. Retrieved 2024-06-03.
  8. ^ "John Lepore, sandwich store chain owner, dead at 83". Asbury Park Press. 1983-01-22. Retrieved 2024-06-04.
  9. ^ "Peter Cancro, Founder/CEO, Jersey Mike's Subs". 13 June 2022.
  10. ^ "Lessons From the Sub Shop". The New York Times. 2010-06-05. ISSN 0362-4331. Retrieved 2022-01-26.
  11. ^ Kulikowski, Laurie (2014-02-25). "Jersey Mike's Subs Is Revving Up for Franchise Expansion". TheStreet. Retrieved 2022-01-26.
  12. ^ "Jersey Mike's Finishes 2015 with Strong Unit Growth". QSR magazine. 2016-01-26. Retrieved 2022-01-26.
  13. ^ "Jersey Mike's plans major expansion in Canada with Redberry Restaurants". Nation's Restaurant News. 2024-01-17. Retrieved 2024-01-17.
  14. ^ Sloan, Dylan (19 November 2024). "Jersey Mike's Founder Is Worth $7 Billion After Blackstone Deal". Bloomberg.com. Retrieved 19 November 2024.
  15. ^ Shaw, David."DeVito! Although He Has a Penchant for Dark Comedies, Actor-Director Danny DeVito Is Serious About His Craft, His Family and His Cigars" Archived 2007-04-04 at the Wayback Machine, Cigar Aficionado profile, accessed May 2, 2007. "Danny DeVito was born in 1944 in the shore town of Neptune, New Jersey—hence the name of his production company—and raised in neighboring Asbury Park, the youngest of five children (two of whom died before he was born)."
  16. ^ Kelly, Chris (7 October 2022). "Campaign Trail: Jersey Mike's Subs serves up authenticity with Danny DeVito". Marketing Dive.
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