Subway is a renowned American privately held and a fast food chain which is one of the fastest growing fast food chain globally. It has more than 40,700 restaurants globally with more than 1000 stores all globally. It is in the industry of Food and Beverage with its founder being Peter Buck together with Fred Deluca. Its CEO is known as Suzanne Greco and has its headquarters in Connecticut, America where it was founded. Here are the complete details about the inception, products, and services as well as the net worth of Subway in 2019.
Subway was founded in the year 1965 in Connecticut, America with its founder being known as Fred DeLuca. Fred DeLuca commenced a food industry through opening a sandwich shop while he was at the age of 17 years whose main aim was raising his funds for paying college fees. He had an interest in becoming a medical doctor and had no passion in becoming a businessman.
He then got a loan of $1000 from his friend who inspired him in setting the restaurant. Together with his friend known as Peter Buck, they founded their venture in 1965 where it was known as ‘Pete’s Super Submarines.’ They got disappoints, however, they opened the third store and renamed it Subway. They got much success making a profit of $7,000 in one year. After this, they decided to pursue their career in the food industry.
Products, Achievements, & Awards
Following much success, they decided to open 30 other similar stores in their state in the year 1974, and after ten years in operation, they had 16 stores in Connecticut. They got difficult in maintaining the quality and moved by franchising through which DeLuca persuaded his friend known as Brian Dixon to open his first Subway Franchise in Walling Ford. After this, they open other 14 restaurants as a franchise. Following this, he set up some principles to be followed by all Subway restaurants with fresh food, high quality, and customer satisfaction being the priority.
They got much success and opened 100th Store in 1978 and got much reputation after making it compulsory that the bread is baked in the restaurant itself hence increasing the demand. They got to North America in 1984 opening their first store in the Island of Bahrain. They had recorded 1000 stores in 1987 and in 1998 they had opened 10,000 stores with the increased popularity. After this, it then commenced moving in most countries and making media campaign to impact the sale of its products. Following the increased struggle in high obesity in America, Jared Fogle, and a 22-year-old claimed that he had lost 111kgs by eating Subway sandwiches which brought much limelight to the Subway. It gained much popularity and overtaking the then leader McDonalds.
Net Worth & Earnings
Subway has an estimated net worth of more then $50 billion. This is from the earnings it has made through its sales in the fast food in the different countries. Subway makes about a yearly revenue of $9 billion through which it has branches in 102 countries. This has made it be a well-known chain restaurant globally.
Subway has been known to be customer oriented which has gained them much popularity in which they overtook the McDonalds which was the leading outlet in America. They operate on Franchise business and have been able to spread to 102 countries where it has branches in them.