Subway is targeting 3,000 stores in the UK and Ireland within the next three years, local management at the fast food chain have revealed.
The company has just opened its 2,500th store, in Bristol, but has set its sights on ramping up the number further as part of a strategy that will see an extra 5,000 jobs created.
All of Subway’s stores are owned and operated by a network of small business owners, who collectively serve more than three million customers a week. The expansion plans are in response to demand for more affordable quality ingredients and healthier choices, according to the chain.
The most recent total turnover of Subway stores was calculated at approximately £515 million (0.9% of the food and beverages services industry turnover), with a GVA of approximately £248m.
In addition to the local store employment opportunities, the brand employs over 40 staff in its UK head office while its supply chain requirements, including new kitchen equipment, is managed by IPC Europe.
While British and Irish high streets continue to be under pressure, Subway franchisees still see it as an opportunity for growth. Around 60% of Subway stores are located on British and Irish high streets.
Peter Dowding, country director for UK and Ireland, said the company’s franchise model was “tried and tested” and would deliver the growth it is targeting.
“We are confident our business model will continue to grow as more and more consumers demand great tasting food at a value price-point. With 5,000 new jobs expected over the next three years, opening up a further 500 stores demonstrates not only the value of the business to our franchisees but also collectively, the real and significant contribution to British and Irish economies.”