Top Franchise Leaders: Peter Cancro, CEO of Jersey Mike’s Subs

Peter Cancro was a 14-year-old high school student in Point Pleasant, New Jersey, when he began working at Mike's Subs. He enjoyed every aspect of his job at the sandwich shop, but he found that his strongest attribute was his charismatic personality, which allowed him to engage with customers and act as the face of the restaurant. While employed at Mike’s Subs, Cancro became enamored with his work and the sandwiches he produced.

After a few years, the restaurant’s owners decided to sell the business. 

“My mother suggested that I buy it, so the next day, I skipped school and knocked on doors trying to raise money,” Cancro told The New York Times. After securing a loan from his football coach, the ambitious 17-year-old purchased Mike’s Subs — before he could legally operate a meat slicer.

In 1987, Cancro changed the name of Mike’s Subs to Jersey Mike’s Subs and began expanding the business through franchising. Sub-lovers embraced the concept, and the Jersey Mike’s brand proliferated nationwide. But, as is typical when a company grows too fast, the expenses caught up with Jersey Mike’s. In 1991, a recession hit, and Cancro struggled to keep the business afloat. 

“The banking environment went south. It was the worst recession of my life,” said Cancro. “No one could borrow money.”

After being forced to lay off several employees, Cancro feared his business would fail. Fortunately, Jersey Mike’s rebounded, and its expansion kicked back into gear. Through this trial, Cancro learned about calculated franchise development and perseverance in the face of adversity. 

These lessons would continue to serve him and the brand.

Again, in March 2020, with economic turbulence threatening the company’s future, Cancro faced a difficult decision. When others put their heads down, Cancro did the opposite. Even as some on his own management team urged caution in the face of a global crisis, he pushed forward with a top-to-bottom brand update.

“Everyone said, ‘Pull back. Don’t do anything.’ I said, ‘Absolutely not,’” explained Cancro. His previous struggles taught him not to surrender in times of economic strife, and again, Jersey Mike’s prevailed.

Today, Jersey Mike’s has 2,362 thriving restaurants nationwide, growing at roughly 220 units per year. Its current systemwide revenue is $2.3 billion, and the brand ranks No. 4 on Entrepreneur’s 2022 Franchise 500, marking the company’s fourth year on the Franchise 500 top 10 lists. 

Moving forward, Jersey Mike’s is supporting its franchisees by providing old shops with a $75,000 makeover that includes new seating, updated wall art and customer-facing terminals. Further, Cancro has personally launched the Rod Smith Ownership Program, named after his football coach and first investor, which will provide select entrepreneurs with $400,000 to begin operating a Jersey Mike’s franchise.

"Somebody gave me an opportunity. Someone gave me a shot — Coach Rod," said Cancro. “This is me saying, ‘I want to give you a shot.’”