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MILFORD, Conn. -- Subway Restaurants was named the number one franchise opportunity for 2002 by Entrepreneur magazine in its 23rd annual Franchise 500 ranking.
This prestigious honor has been awarded to the Subway chain 10 of the past 14 years. The sandwich chain was the first franchise ever to receive this distinction for four consecutive years -- which it did twice -- 1988 to 1991 and 1993 to 1996. From 1988 until 1996 Subway only missed one year not being the top-ranked franchise, but it still ranked in the top three.
In spite of the slumping economy, which has hit the restaurant industry particularly hard, Subway is experiencing phenomenal growth. The chain's same-store sales are also rising.
"This is one of the most exciting times in Subway's 36-year history," said Fred DeLuca, president and co-founder of Subway. "Our franchisees are experiencing terrific same-store sales increases, and franchise sales are exploding. I congratulate the entire Subway team on this terrific accomplishment."
Subway Restaurants is the world's largest submarine sandwich franchise, with more than 15,750 locations in 74 countries.