Jersey Mike’s Milestone Year: A Look at the Chain's Remarkable Growth and Success in 2024
Discover the key milestones and successes that Jersey Mike’s has achieved in 2024, including acquisitions, expansion, and remarkable growth.
Acquisitions and Leadership Recognition
In 2024, Jersey Mike’s, a well-known sub sandwich chain, experienced a year filled with notable accomplishments. Chief Executive Officer Peter Cancro was honored with the prestigious title of Restaurant Leader of the Year by Restaurant Business, showcasing his exceptional leadership skills and vision for the company. This recognition not only highlighted Cancro's influence on the brand but also emphasized Jersey Mike’s commitment to excellence in the restaurant industry.
Strategic Partnership with Blackstone
Another significant development for Jersey Mike’s in 2024 was Blackstone's acquisition of a majority stake in the business. While Cancro retained a substantial minority stake and continued to lead the company, this partnership marked a new chapter in Jersey Mike’s growth story. With Blackstone's support, the chain aimed to accelerate its expansion efforts both domestically and internationally, signaling ambitious plans for the future.
Record-Breaking Milestones
One of the most noteworthy achievements for Jersey Mike’s in 2024 was the opening of its 3,000th store, located in Mountain Top, Pennsylvania. This milestone not only reflects the brand's widespread presence but also underscores its popularity and success in the competitive restaurant market. Moreover, the chain set a new record by launching 322 locations in the same year, demonstrating its rapid growth and expansion strategies.
Financial Growth and Expansion Plans
According to data from Technomic, Jersey Mike’s reported a total of $3.4 billion in sales in the previous year, marking a significant 25% increase from 2022. Additionally, the chain experienced a remarkable 12% year-over-year unit growth, showcasing its robust financial performance and market demand. With over 4,000 locations either operational or in development, Jersey Mike’s continues to be a key player in the restaurant industry, poised for further expansion and success.