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Peter Cancero, CEO of Jersey Mike's, speak about PPP loans, franchisees and a company-financed remodel program on this week's episode.

Jersey Mike’s is financing $150 million remodel program amid pandemic

While other chains stopped remodels to save money during the crisis, Jersey Mike’s CEO Peter Cancro said: ‘We just kept going’

Before the coronavirus pandemic swept the nation, the CEO of Jersey Mike’s Subs announced plans to spend $150 million to help franchisees remodel their restaurants — the first major makeover of stores in a decade.

The company’s mission is to make a difference in someone’s life. And CEO Peter Cancro thought it was only right to “pay for all the retrofits” to help franchisees with the cost of remodels, which average about $75,000 per store.

Some stores in Southern California were among the first units to get refreshed before the pandemic forced restaurants to close dining rooms in March. 

Many brands, at the onset of the crisis, put remodeling on pause.

But not Jersey Mike’s. 

“We just kept going,” Cancro said during NRN’s latest Extra Serving podcast. “We're doing about 30 [store remodels] a week now.”

During the podcast, Cancro discusses why he kept construction going and how the quick service chain is helping franchisees during one of the worst economic downturns to hit the restaurant industry.

Learn more by listening to our latest Extra Serving podcast.

NRN Top 200: Jersey Mike’s generated sales of $1.34 billion in fiscal 2019, up from $1.15 billion in the preceding year, according to NRN’s recently released 2020 Top 200 census. The company ranked No. 47 in sales, up from No. 51 last year. The company has 1,738 stores and expects to open 200 restaurants this year.

For our most up-to-date coverage, visit the coronavirus homepage.

Contact Nancy Luna at [email protected] 

Follow her on Twitter: @fastfoodmaven

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