Peter Cancro: From Sub Shop Beginnings to Franchise Empire
Peter Cancro's journey is a testament to entrepreneurial spirit, leadership, and a commitment to giving back. From purchasing a single sub shop at the age of 17 to building a global franchise with over 2,000 stores, Cancro's story is one of perseverance, vision, and a dedication to his people and community.
Early Life and the Purchase of Mike's Subs
Peter Cancro's connection with the sub sandwich business began at the young age of 14. His older brother secured him a job at Mike's Subs in Point Pleasant, New Jersey, a small beach town on the Jersey Shore. Earning $1.75 an hour in 1971, Cancro's initial responsibilities included sprinkling ingredients on the subs as they moved down the line, wrapping them, and working the cash register. He recalls the owner running the business like a tight-knit family, making him feel valued even as a teenager.
In 1975, during his senior year at Point Pleasant Beach High School, where he was captain of the football team and class president, the opportunity to purchase Mike's Subs arose. Despite plans to study law in college, Cancro was intrigued. His mother encouraged him to consider buying the shop, sparking a pivotal moment.
Cancro embarked on a mission to raise $125,000 to buy the store. He started knocking on people's doors, seeking investment. After facing some initial hurdles, he connected with his Pop Warner football coach, Rod Smith, who was also a banker. Smith believed in Cancro's determination and helped finance the real estate and business loan. At the age of seventeen, Peter Cancro became the owner of Mike's Subs.
From Mike's Subs to Jersey Mike's: Building a Brand
Cancro's hands-on approach and dedication to quality quickly made an impact. Remaining involved in the daily operations, he focused on maintaining the family atmosphere and high standards that had defined Mike's Subs.
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In 1986, Cancro opened a second store in town and rebranded the business as "Jersey Mike's" to emphasize the product's origin. The expansion continued, reaching 35 stores before the recession of 1991 hit. The economic downturn presented significant challenges, with lending drying up in the Northeast. Cancro had invested heavily in growth and advertising, leading to financial strain. He had to lay off all six people in the office, including his brother. Despite these difficulties, Cancro persevered, working tirelessly to keep the business afloat. The recession, ironically, brought a shift in consumer behavior, with people trading "tablecloth restaurants" for more affordable options like Jersey Mike's.
Cancro learned valuable lessons during this period, emphasizing the importance of slowing down and avoiding overspending.
A Culture of Giving: The "Sub Above" Philosophy
One of the key ingredients to Jersey Mike's success is Cancro's philosophy of "giving." This commitment to community is deeply ingrained in the company's culture. Jersey Mike's actively supports charities, hospitals, school systems, and individuals in need.
Each March, Jersey Mike's holds a "Month of Giving," culminating in a "Day of Giving" on the last Wednesday of the month. On this day, franchise owners donate 100 percent of their sales, not just profits, to local charities across the country. In one year, this initiative raised $7.5 million for good causes.
Cancro's dedication to giving extends beyond financial contributions. He emphasizes the importance of human connection and encourages employees to engage with customers on a personal level. Rise up together. With each customer transaction, don’t just say, “How are you? This is how much you owe.” Make human contact. Share something about yourself with your customer.
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Leadership and Growth: A Recipe for Success
Cancro's leadership style is characterized by leading by example, putting others first, and "pulling people along" rather than pushing them. He believes in empowering employees and fostering a sense of family within the workplace. He often steps behind the counter, working alongside the crew, cleaning the grill, and engaging with employees. He wants to know where they are going and what they are doing with school. This hands-on approach builds credibility and inspires those around him.
Cancro's drive and passion are evident in his work ethic. He encourages his team to "run, not walk" and to strive for their best. He fosters a positive and fun environment, recognizing that enjoyment comes from doing one's best and serving the community.
Under Cancro's leadership, Jersey Mike's has experienced remarkable growth. In recent years, the company has seen an acceleration of expansion, with hundreds of new stores opening annually. Cancro attributes this success to the existing owners, who are passionate about the brand and committed to its values.
Recognition and Awards
Peter Cancro's contributions to the business world and his commitment to philanthropy have been widely recognized. He was named to the Nation's Restaurant News Power List and received the Distinguished Business Leaders Award from Monmouth University. Monmouth University President Paul R. Brown noted, “We are proud to honor Mr. Cancro for his outstanding corporate and civic leadership,” “He is an inspirational role model to our students and the community. Donald Moliver, dean of the Leon Hess Business School, said, “Peter built his business from the ground up and is now one of the leaders in the franchise industry,”
Interfaith Neighbors and Early Childhood Education
Cancro's commitment to giving back extends to supporting initiatives that address critical community needs. He has been a strong supporter of Interfaith Neighbors since 1992, an organization dedicated to building healthier, more equitable communities.
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Inspired by civil rights and child rights activist Marian Wright Edelman, Cancro approached Interfaith Neighbors with an idea to bring quality, affordable childcare and education to underserved communities. He realized the importance of early childhood education in setting children on the right track for a successful life. This led to the establishment of the Dr. Lorenzo Harris Jr. Early Childhood Learning Center (ECLC), a project that Cancro is deeply passionate about.
The Future of Jersey Mike's
Jersey Mike's growth agenda remains aggressive, with Cancro telling QSR last fall the chain expects to open 350 more locations this year and about the same number come 2025. Over the past year, Cancro and company hit several milestones, including launching three Jersey Mike’s outposts in Alaska, giving it a presence in all 50 states.
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