Jersey Mike’s founder built his empire from high-school job

Through July 4, The Post, in conjunction with the Milken Center for Advancing the American Dream, is featuring US citizens explaining what the American dream means to them in 2026 — including Peter Cancro, the founder and chairman of Jersey Mike’s Subs, who bought his business while a high school senior on the Jersey Shore. Today, there are around 3,500 of the sub shops worldwide.

Dad was an auto mechanic and Mom was a stay-at-home mom. I started working in [Mike’s] Sub shop when I was 14 and it was an incredible time. When I walked in, my voice mattered. It was that kind of culture — a family. [I started in] 1971. And then the owner put it up for sale in ’75. … One night my mother said, ‘Why don’t you buy it?’ 

I laughed and went upstairs to bed, but a light switch went off by the time I got to the top of the stairs. I called the next morning and [the owner] said he could give me a couple of weeks to try and raise the capital. In 1975, the economy was not so great and I went to one [bank] after the next to try and raise the capital …

When I went to see Rod Smith, who was my quarterback coach in youth football, he thought maybe I was in trouble!

I told him about what I was doing in business. He was a banker and able to loan the money to me. When the teachers [at Point Pleasant Beach High School] found out, they were like, “You’re gonna ruin your life, you know, you’re supposed to go to study law.” I was president of my class and the captain of the football team.

It was just sort of like, OK, let’s go. I took over by showing up every day.

The American dream is to rise up with family, with friends … But when you make it with the success of money, if you share and give, that’s the greatest part of the American dream.

The American Dream Video Project showcases real stories that illuminate pathways to opportunity. Featured at the Milken Center for Advancing the American Dream (MCAAD), this series is part of the Center’s celebration of America’s 250th anniversary. MCAAD is Washington, DC’s newest cultural institution, offering interactive exhibits and stories about achieving the American Dream. For more information, visit mcaad.org.