Fred Deluca Net Worth is$2 Billion
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Profession: Entrepreneur, Businessperson
Date of Birth: 1948
Ethnicity: White American
Country: United States of America
What is Fred DeLuca's net worth? Fred DeLuca is an American businessman with a net worth of $2 billion. Not merely famous for his net worth, he is best known as the founder of Subway, one of the most successful fast food franchises on the entire planet. Subway began in 1965, when DeLuca was only 17 years old. He managed to scrounge up a thousand dollars to start a sandwich stand, with the goal being to provide a healthy alternative to traditional fast food like cheeseburgers or pizza. 22 years later, in 1987, the now thriving Subway franchise reached the milestone of 1000 locations. As a point of comparison, consider that by that time fast food giant McDonald's only had 800 locations. Now, Subway is one of the most popular fast food restaurants in the world thanks to memorable advertising campaigns such as "the Subway diet" espoused by Jared Fogel and "five-dollar footlongs," a campaign and catch jingle to match touting the chain's foot long sandwiches for only five dollars. In a count from October of 2011, there are 35,400 Subways in 98 countries, producing a grand total of more than $9 billion in sales every single year. Clearly, Fred DeLuca is one of the great American success stories.
Frederick "Fred" DeLuca (born 1948) is an American businessman, best known as the co-founder of the Subway franchise of sandwich restaurants. DeLuca is an alumnus of the University of Bridgeport and Central High School in Bridgeport, CT.
In 1965 when DeLuca was seventeen years old, he borrowed $1,000 from friend and restaurateur Peter Buck, to start his first sandwich shop, after Buck suggested the idea to DeLuca at Buck's Armonk, New York, home. Until that time, DeLuca worked at a low wage paying job at a hardware store, trying to raise money to pay for college, to study in the field of medicine. When he began his sandwich stand he chose a mediocre location for his shop. Deluca wanted a food place that was healthy. His plan was to begin a "fast-food venture that provided a healthier, less fattening bill of fare." On the radio advertisement they had promoted the name as "Pete's Submarines", which sounded like Pizza Marine, so they changed the name to "Pete's Subway", eventually it was shortened to "Subway", as it is known today.
The first shop opened on August 28 that year in the city of Bridgeport, Connecticut. The first year of business was a learning experience and of course a challenge. A year later Deluca and Buck opened their second location and it took that amount of time for the two men to realize that visibility and marketing were the two main key factors to the success of the business. DeLuca believed that the biggest mistake he made was where he set up his very first shop as it was a "crummy location.". Knowing that they needed a better spot with much visibility, the third outlet was in a highly visible location and that location is still there today.
In 1978, Subway's 100th store opened and in the 1000 store mark in 1987, whereas the McDonald's chain only had 800.
As of March 2012, the company counts over 36,400 franchised locations in 99 countries and produces US $9.05 billion sales every year. In 2007, Forbes magazine named DeLuca number 2

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Fred Deluca Latest News

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Posted: February 14, 2020, 4:00 pm

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