Jersey Mike's Subs history

Available for sale from Gallery 270, George Tice, Woods, Port Clyde, Maine (1970), Silver Gelatin, 16 × 20 in

In 1971, Peter Cancro was a high school student in Point Pleasant, New Jersey.

He first toyed with the idea of franchising Mike's in 1979, but given his lack of experience he was dissuaded at the time from taking the step.

Instead, in 1980 he opened a second sub shop in Belmar, New Jersey, some 15 minutes away.

Cancro was 29 years old in 1987 when he hired attorneys to set up his franchising business.

By the summer of 1990 the chain grew to 32 units, located in such states outside of New Jersey as Connecticut, Georgia, Ohio, and Tennessee.

Then the 1991 recession hit, and Cancro’s business flatlined for the next two years.

Jersey Mike’s finally began to grown again in 1994, in North Carolina of all places.

Palisi had risen through the ranks at Burger King where she had distinguished herself as the vice-president of strategic planning and then launched her own consulting business in Dallas. It was in 1995 that another Point Pleasant native, Sarah Palisi, became involved with Jersey Mike's and provided the experience in strategic thinking that Cancro lacked.

The 100th unit opened in June 1998 near Pittsburgh, as Jersey Mike's expanded its reach to ten states.

To spur expansion, Jersey Mike's secured $10 million in funding from the Franchise Mortgage Acceptance Corp. in 1999.

Davis, Lee, "Peter Cancro's Magic Number," QSR, August 2000.

That situation would change in 2004 when Jersey Mike's opened several company-owned units in a market it had overlooked for many years: Monmouth and Ocean counties of the Jersey shore.

With the release of the Newark Star-Ledger’s 2006 Jersey hot dog ratings, which will send seismic waves throughout the hot dog universe for some time to come, the Jersey Dog again finds itsel…

As Jersey Mike’s closes in on 1,600 stores in 47 states, the company achieved $1 billion in revenue and expects to surpass $2 billion in a little over two years, with 2,000 restaurants by the end of 2020.