Business
Jersey Mike’s strikes European expansion deal led by founder Peter Cancro
Jersey Mike’s Subs is taking its signature sandwiches overseas with its first European expansion set for this year, the company said Monday.
Leading the push is the brand’s founder and board chair, Peter Cancro, via his company, JM Submarines UK Ltd.
The deal between Jersey Mike’s and Cancro’s entity calls for 400 stores to be opened in the U.K. and Ireland, and it will be the first in a series of plans for international growth. The privately owned Jersey Mike’s was acquired for a reported $8 billion by Blackstone in late 2024.
“All consumers, not only here in the U.S. but around the world, are looking for a great value, but they want quality. They want authenticity,” Jersey Mike’s CEO Charlie Morrison told CNBC in an interview. “Everything about the brand screams quality and freshness, and I think that’s what consumers want anywhere in the world. They’re going to be picky and careful about what they choose, but we believe strongly they’re going to choose Jersey Mike’s over anybody else.”
Morrison noted that deli-style subs are becoming a staple internationally, and he plans to stay true to the brand’s roots in this expansion. He said Jersey Mike’s 20 consecutive years of positive same-store sales growth in the U.S. will help inform the international move.
A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.
David Paul Morris | Bloomberg | Getty Images
At Wingstop, where Morrison served as CEO until 2022, the brand pushed heavily into international markets and was a pandemic winner in both stock performance and sales.
“I’ve learned that in my past, that consumers around the world really prefer that you bring them … that which got the brand to where it is today,” Morrison said.
Cancro founded Jersey Mike’s in 1975 after purchasing the first Mike’s Subs store in Point Pleasant, New Jersey. He led the brand as CEO for nearly 50 years, until Morrison took over in April 2025.
He said diners might see different toppings or sauces overseas than they do in the U.S., but the product will ring true to what is served in the sates.
“We see it as a great sandwich market,” Cancro said of Europe. “[There are] a lot of players in the marketplace, and we see a tremendous opportunity.”
The U.S. consumer is increasingly value-conscious, but Jersey Mike’s believes it can still win over diners in that environment, Morrison said.
“Certainly, we’ve seen some challenges at the lower end across the industry, but again, at Jersey Mike’s, it’s a craveable product. It’s one that’s going to be a staple for consumers for a long time to come,” he said.
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