Early Life
Peter Cancro's story begins in Point Pleasant, New Jersey, where he grew up as the youngest of three children. In 1971, at the young age of 14, Cancro began working at Mike's Subs, a local sandwich shop. This early exposure to the business sparked his interest and set the stage for his future entrepreneurial endeavors.
Rise to Success
The pivotal moment arrived in 1975 when the shop came up for sale. Cancro, then 17, decided to forgo a potential college football career and borrowed $125,000 from his football coach, who was also a banker, to purchase the business. He renamed the shop Jersey Mike's in 1981 and began franchising the concept, highlighting its New Jersey roots. Cancro's vision and leadership were instrumental in expanding the brand nationally, establishing a strong presence across the United States and beyond. The expansion was fueled by his commitment to quality and community engagement.
Key Business Strategies
Cancro's approach to business revolves around a customer-centric focus and a commitment to his employees. A key strategy was establishing a program to help store managers become franchise owners. This fostered a sense of entrepreneurship and loyalty within the company. Moreover, Cancro places a strong emphasis on quality ingredients, ensuring that each sub is made with fresh, high-quality meats, cheeses, and bread. His hands-on approach, including personally training franchisees, underscores his dedication to maintaining the brand's standards.
Philanthropy
Philanthropy has been a cornerstone of Cancro's business philosophy since the beginning. He has instilled a culture of giving back within Jersey Mike's, encouraging franchisees to support their local communities. One of the most notable initiatives is the annual “Month of Giving” in March, during which Jersey Mike's donates a portion of its sales to local charities. In 2022, the “Day of Giving” raised over $6 million for various charities across the nation. Cancro's commitment to giving back extends to supporting causes such as healthcare, education, and youth activities, demonstrating his dedication to making a positive impact beyond the business world.
