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Subway is also an optimization in franchise virality and typically doesn't own its own real estate.

I.e. they will let you open a Subway franchise today and me another one across the street tomorrow.



Also something of an exercise in my experience of how bad sandwich franchises can be.


It's interesting watching the cycle of startup -> optimization for customer value -> brand buyout -> optimization for profit.

F.ex. Blimpie (MTY 2016), Jimmy Johns (Roark 2016), Firehouse Sub (RBI 2021), Subway (Roark 2023), Jersey Mike's (Blackstone 2024)


Subway's really the only one of those I have any personal experience with. But from my perspective it's pretty much long been awful.


I remember Subway being somewhat better in the mid-90s. Still not great, but better. E.g. tomatoes were actually ripe




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