How a 17-Year-Old High School Senior, Backed by His Football Coach, Bought Mike’s Subs in Point Pleasant and Built Jersey Mike’s Into a 1,000+ Location Empire

Turned $125,000 into $8,000,000,000

December 21, 2026

This article was last updated by Alisha Shrestha on December 15, 2026

Alica Anna, a moderator of the Facebook page New Jersey History, recently shared a post about the early history of Jersey Mike’s of Point Pleasant, previously known as Mike’s Subs.

In her post, Anna tells the journey of a 17-year-old high school senior and how he developed a sandwich empire from a small storefront.

Her post focuses on the journey of Peter Cancro of Point Pleasant, New Jersey, and how he later turned a local sandwich shop into a nationwide business.

Mike’s Subs Journey From Small Storefront to Business Empire!

The story began in 1956, when a small sandwich shop opened in Point Pleasant. It was originally called Mike’s Subs.

At that time, franchise restaurants were rare, and the shop mainly served the local community.

The simple idea of fresh submarine sandwiches quickly became popular in the seaside town.

In 1971, a 14-year-old boy named Peter Cancro took a part-time job at the shop. He lived nearby in Point Pleasant Beach and worked after school.

Over time, he learned how the business operated and developed a strong connection to the store and its customers.

In 1975, the shop went up for sale again. Peter was only 17 years old and still a high school senior.

His mother encouraged him to buy the business. With the support of his high school football coach, who was also a banker, Peter secured a $125,000 loan in just three days.

This allowed him to purchase the shop before graduating.

Peter worked long hours and focused on quality and customer service. In the 1980s, he renamed the business Jersey Mike’s and began preparing for expansion.

In 1987, he started franchising the brand, allowing others to open Jersey Mike’s locations across the country.

The company grew steadily over the years. By 2015, Jersey Mike’s had more than 1,000 locations.

The brand expanded strongly on the West Coast and continued to open new stores each year.

However, the original shop on Trenton Avenue remains important and is now used as a training center.

As of now, Jersey Mike’s is a major sandwich chain with plans to expand internationally, including into Canada.

The story shared by Alica Anna highlights how a small New Jersey shop and a determined teenager built a lasting business legacy.

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Nishan Dahal writes sports with a human touch, covering breaking news, athlete lives, and the stories that stats can't tell. Nishan believes every athlete has a story worth telling. With the goal of bringing those stories to life with honesty, heart, and a touch of curiosity, he shares his insights through PlayerBio.

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