MIAMI — Subway has reached five new multi-unit owner agreements, part of the quick-service restaurant chain’s efforts to accelerate its growth strategy in North America.
As part of the agreements, Subway has consolidated and transferred more than 230 existing restaurants in 2023 across Texas, Florida, Arizona and the mid-Atlantic. The initiative also includes commitments to remodel restaurants and strategically open new restaurants in the future.
The multi-owner agreements come as Doctor’s Associates, Inc., the owner of the Milford, Conn.-based QSR chain, is conducting a “sales exploration process” for Subway.
“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,” said Trevor Haynes, president of Subway North America. “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.”
Subway said two of the agreements are with proven operators in the restaurant industry with experience running other QSR brands.
“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. “Our team is excited to add Subway, the global leader in the sandwich space, to our portfolio and be a part of Subway’s future growth.”
Subway has set a goal of increasing new openings across North America by approximately 35%. The QSR chain also is scheduled to remodel 3,600 locations across the United States in 2023, which would bring the total number of remodeled stores to more than 10,000 by this summer.
Subway exceeded its sales expectations in 2022, with same-store sales rising 9% when compared with 2021 and 29% when compared with 2020.
In March, independent brand valuation consultancy Brand Finance ranked Subway as the No. 5 most valuable restaurant brand in the world. The ranking is based on factors such as brand strength, market share and royalty rates.Globally, Subway operates approximately 37,000 restaurants in over 100 countries. In North America, its largest market, the company has approximately 20,000 restaurants.