What is Peter Cancro's Net Worth and Salary?
Peter Cancro is an American entrepreneur and businessman, renowned for being the co-founder of Jersey Mike's Subs. With a net worth of $4 billion, Peter has led Jersey Mike's to become the second-largest submarine sandwich chain in the United States, boasting over 2,700 locations and $3.3 billion in annual gross revenue. Jersey Mike's, still headed by Cancro, is currently valued at about $8 billion, and although acquisition rumors have swirled, no transaction has taken place yet.
Peter Cancro prides himself on philanthropy. Each March, Jersey Mike's organizes a "Day of Giving," donating 100% of sales to local charities, accumulating about $5 to $7 million each year.
Early Life and Education
Peter Cancro was born on May 15, 1957, in Point Pleasant Beach, New Jersey, and has a younger brother named John. He attended Point Pleasant High School, from which he graduated in 1975. At the age of 14, Peter began working at a local sandwich shop called Mike's Submarines, which set the stage for his future entrepreneurial journey.
Founding Jersey Mike's Subs
In 1971, while working at Mike's Submarines, Peter learned that the owners wanted to sell the business for $125,000. Encouraged by his mother, he borrowed the money from his football coach, Rod Smith, who also worked as a banker. The deal closed on March 31, 1975, making Peter the owner of the sandwich shop at just 17 years old.
In 1987, Peter decided to expand the business through franchising, renaming it Jersey Mike's. The chain quickly grew, achieving impressive milestones:
- 30 locations by 1991.
- 750 locations by 2014.
- Over 1,000 locations by 2015.
- Approximately 2,700 locations today, generating around $2 billion in annual gross revenue.
Jersey Mike's also supports budding entrepreneurs through the "Coach Rod Smith Ownership Program," which provides franchise-purchasing assistance.
Charity
Through Jersey Mike's, Cancro actively engages in charitable work. On the last Wednesday of every March, the "Day of Giving" event donates all sales to various charities. In 2022 alone, the initiative raised over $6 million for more than 170 charities nationwide.
Personal Life
Peter Cancro was married to his first wife, Linda, shortly after high school graduation, with whom he shares two children, Robert and Caroline. The couple eventually divorced. In early 2014, Peter married his current wife, Tatiana Cancro.
Real Estate
In August 2014, Peter purchased a 3,838 square-foot, four-bedroom condo on East 68th Street in New York City for $15.681 million. The apartment is located in a building called the "Marquand," situated at the corner of 68th and Madison Avenue, with a monthly HOA fee exceeding $14,000.
