Subway, the sandwich chain, has signed five new multi-unit owner agreements in Texas, Florida, Arizona, and the mid-Atlantic as part of its smart growth development strategy.
The consolidation and transfer of more than 230 existing restaurants have occurred in 2023 as a result of the agreements.
As part of the agreements, Subway has committed to remodeling existing restaurants and opening new ones strategically in the upcoming years, to enhance the brand’s overall guest experience and provide a consistent high-quality dining experience throughout its system.
Trevor Haynes, President, Subway North America, said, “A key element of Subway’s multi-year transformation journey is attracting multi-unit owners with the vision, resources, operating expertise and passion for the Subway brand. All five multi-unit agreements are an excellent representation of the brand’s smart growth strategy coming to life and demonstrate the confidence operators have in our brand and future.”
Two seasoned QSR operators with experience managing other leading brands have joined the Subway family. Meanwhile, existing multi-unit owners are also investing significantly in the brand, with one acquiring over 100 existing restaurants, expanding their portfolio to more than 140 locations.
“Subway is an iconic brand that has undeniably refreshed every part of its business over the past few years with the introduction of new menu items, unique guest experiences and operational enhancements,” said Tim Foley, Managing Partner and Founder of EYAS Capital, one of Subway’s new multi-unit owners.
Subway is prioritizing smart growth to enhance franchisee profitability and safeguard its position in the market. The company plans to strategically open new locations and aims to increase new openings by approximately 35 percent in North America in 2023 compared to 2022.
Furthermore, Subway is committed to updating its image with relocations and renovations. In 2023, more than 3,600 locations across North America are slated to undergo remodeling, bringing the total number of restaurants with the current Subway image to over 10,000 by the summer.
Subway is forging partnerships with established and competent operators globally to strategically expand its presence in various markets worldwide. In 2022, the brand opened almost 750 new restaurants across the world, and in Q1 of 2023 alone, 145 new restaurants were added to its global portfolio.
