Jersey Mike’s has had a remarkable year. In April, chief executive officer Peter Cancro was named Restaurant Business’ 2024 Restaurant Leader of the Year. In November, Blackstone acquired a majority stake in the business, while Cancro will maintain a significant minority stake and continue to lead. And, just this week, Jersey Mike’s announced it has hit its 3,000-unit milestone with an opening in Mountain Top, Pa.
In 2024 to date, the chain has opened a record-breaking 322 locations. The company said there are more than 4,000 locations now either open or in some phase of development.
“Congratulations to all our owners and teams for all they have accomplished with their commitment and hard work,” Cancro said in a statement. “Reaching 3,000 stores is a celebration of all who have helped build Jersey Mike’s into a brand that resonates on a national level due to our powerful giving culture.”
Cancro purchased the sub shop in 1975. In a statement in November, he said the Jersey Mike’s growth story is still in early innings, adding that Blackstone’s acquisition will help the chain “reach even greater heights.” The partnership is intended to enable the company to accelerate expansion domestically and internationally, as well as continue its technology and digital transformation.
The chain totaled $3.4 billion in sales last year, a 25% increase over 2022, according to Technomic data, with 12% year-over-year unit growth. In 2019, Jersey Mike’s finished the year with 1,665 locations, illustrating its recent expansion.
Contact Alicia Kelso at [email protected]
