Early Life
Peter Cancro's journey began in Point Pleasant, New Jersey, where he started working at a local sub shop named Mike's Subs at the age of 14. This early experience provided him with a foundation in the food service industry. In 1971, at the age of 17 and still in high school, Cancro learned that the owners of Mike's Subs were selling the business.
Rise to Success
With the support of his high school football coach, who also served as a local banker, Cancro secured a $125,000 loan to purchase the shop. He became the owner before he was even legally old enough to operate a meat slicer. Cancro rebranded the business as Jersey Mike's Subs in 1987 and began franchising. Over the years, Jersey Mike's grew from a single store to a national franchise, achieving impressive systemwide sales. In November 2024, Cancro sold a majority stake in Jersey Mike's to Blackstone for a reported $8 billion.
Key Business Strategies
Cancro's success is rooted in a commitment to quality, customer service, and community engagement. Jersey Mike's emphasizes fresh ingredients, prepared in front of customers, with a focus on high-quality meats and cheeses. Cancro also prioritized strong relationships with franchisees, fostering a team-oriented culture. He has also implemented aggressive advertising strategies, including television commercials.
Philanthropy
Philanthropy has been a guiding principle for Cancro. Jersey Mike's has an annual "Month of Giving" in March, culminating in a "Day of Giving" where 100% of sales are donated to local charities. Since 2011, the company has raised over $88 million for various causes. Cancro personally donated $10 million to the Hackensack Meridian Health Foundation in 2021.