Restaurant brand Subway has entered master franchise agreements to broaden its global reach, committing to the establishment of over 10,000 future restaurants.
This growth is propelled by more than 20 master franchise agreements signed within the last three years.
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This year alone, the brand has sealed seven master franchise agreements, enabling its foray into Paraguay and Mongolia.
This expansion also includes a substantial increase in the brand’s footprint across several European countries and Latin American regions.
The agreements will support 2,000 future restaurant commitments, with expectations for more before the year concludes.
Subway noted that its strategy to attract multi-unit operators and large, national corporate partners has been a key factor in speeding up new restaurant openings.
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By GlobalDataThe brand is on track to more than double its new restaurant openings in 2024 compared to 2019, the year before the COVID-19 pandemic.
A significant portion of Subway’s growth strategy focuses on non-traditional business, which currently makes up one-quarter of its global footprint.
This includes new and expanded development agreements with brands such as Love’s Travel Stops, as well as fortifying long-standing retail partnerships with industry leaders that include Walmart and Aramark.
Additionally, Subway is expanding its presence in high-traffic areas such as airports, and college and hospital campuses, further diversifying its portfolio and reach.
Subway global chief development officer Mike Kehoe said: “Subway’s global growth strategy of partnering with well-resourced, experienced multi-unit operators is proving to be successful.
“By working with the right partners, we are making significant strides in modernizing our brand image with both new and remodelled restaurants, improving our overall guest experience, and growing digital sales.
“Subway’s flexible format allows the brand to fit into various retail spaces, with low investment requirements, making it an ideal opportunity for a multi-unit franchisee or national partner looking to expand their portfolio.”
