Growing up in a small town often means everyone knows your name, and that’s especially true for Peter Cancro, the man behind Jersey Mike’s. In a place where the summers are bustling and the local sub shop is a cornerstone of the community, Cancro’s story began. But it was a stroke of small-town luck that set him on the path to building a nationwide sandwich empire now celebrated in Forbes magazine.
Back in the day, when Cancro was just a senior in high school, Jersey Mike’s was simply known as Mike’s Subs—a local spot where beachgoers and residents alike could grab a delicious sandwich. When the business went up for sale, Cancro’s mother had a wild idea.
“Why don’t you buy it?” she suggested. What started as a laugh soon turned into a reality when Cancro took the leap, raised the capital with the help of his former youth football coach, and bought the shop for $125,000—about $750,000 in today’s dollars.
Cancro was just 17 years old, and instead of heading off to college, he decided to dive headfirst into the world of subs. It was a decision that paid off almost immediately.
Mike’s Subs quickly became one of the top-grossing sub shops in the nation, raking in impressive sales week after week. In 1987,
Cancro decided it was time for the next big step: franchising. Thus, Mike’s Subs became Jersey Mike’s, a name that proudly reflected its roots.
Fast forward a few decades, and Jersey Mike’s has grown into a national powerhouse with over 3,300 locations across the United States, and expansion plans that include Canada. The company’s sales have skyrocketed, with revenue jumping from $1.3 billion in 2019 to $3.3 billion in 2023. Despite this explosive growth, Jersey Mike’s hasn’t lost its small-town charm or commitment to quality and community.
Cancro’s leadership style is a big part of the company’s success. Known for being a straight shooter, he’s not just the guy at the top—he’s someone who’s worked side by side with franchisees, even driving around in a battered station wagon in the early days. During the pandemic, Jersey Mike’s did something unheard of in the franchise world: they paid to have all their restaurants remodeled to help owners during tough times.
Today, Jersey Mike’s is more than just a place to get a great sub—it’s a brand synonymous with giving back. Every March, the company holds a “Day of Giving,” where all proceeds from sales go to charity, raising over $25 million last year alone. It’s a tradition that Cancro started back in high school, inspired by local businesses giving back to the community, and it’s a core part of what makes Jersey Mike’s special.
With plans to open another 5,000 stores in the next five years, it’s safe to say that Cancro’s small-town sub shop has become a big-time success story. And as the franchise continues to grow, it’s clear that Jersey Mike’s will keep its roots firmly planted in the values that started it all.
