LEADERSHIP
Peter Cancro: Jersey Mike’s is ‘always for sale’ The sub shop CEO, in accepting the 2024 Restaurant Leader of the Year award, said he just hasn’t received the right offer yet for the fast-growing chain.
J ersey Mike’s Subs is “al- ways for sale,” CEO Peter Cancro told Restaurant Leadership Conference attendees Monday, while accept- ing Restaurant Business’ 2024 Restaurant Leader of the Year award. It’s just that nobody has stepped up with the right offer. “I thought it would’ve been maybe 15, not eight,” Cancro said, referencing the reported $8 billion valuation the sandwich chain was in talks to fetch from investment giant Blackstone. Talk of sale aside, Cancro, in conversation with RB Edi- tor-in-Chief Jonathan Maze, seemed squarely focused on growing the concept he has been connected to for nearly half a century—and, perhaps, adding another brand to the fold. “We’re looking at other con- cepts,” Cancro said. “And, if we get the right brands, we pick up the phones and we’ll have hun- dreds in development on a na- tional level. We have the con- struction, we have the real estate … We have infrastructure all around the country of dynamic young people that, quite frankly, By Heather Lalley Managing Editor Restaurant Business
Peter Cancro, center, accepts the 2024 Restaurant Leader of the Year award with, from left, Chris Keating of Informa, Anne Fink of PepsiCo, Hugh Roth of PepsiCo and Jonathan Maze of Restaurant Business.
will make it happen.” RB’s editors selected Cancro to receive the honor because of his extended track record of success with Jersey Mike’s. The 2,700-unit chain grew its sys- temwide sales by 25%, to $3.34 billion, in 2023, according to Technomic. Average unit vol- umes have blossomed to more than $1.3 million.
Jersey Mike’s sees opportunity to open up to 7,500 stores in the U.S., with more planned interna- tionally, he said. And the chain has become known for giving back as much as its financial success. This year, Jersey Mike’s March fundraising drive generated $25 million for 200 local charities. “The whole giving culture,
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Restaurant Leadership Conference 2024
PHOTO CREDIT: W. SCOTT MITCHELL PHOTOGRAPHY
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