Despite hundreds of closures in the U.S., Subway ended 2024 with its second straight year of positive global net restaurant growth after opening more than 1,000 new locations worldwide.
The chain has nearly 37,000 restaurants globally, trailing only McDonald’s and Starbucks.
Much of Subway’s growth comes from its intense international strategy. Over the past three and a half years, the brand has signed 25 master franchise agreements, which together represent commitments for more than 10,000 future restaurant openings. Seven of those agreements were inked in 2024 alone, bringing Subway into new markets like Paraguay and Mongolia. The brand also expanded further into Europe and Latin America, including France, Belgium, the Czech Republic, Luxembourg, Switzerland, Liechtenstein, Brazil, El Salvador, and Guatemala.
Subway says it remains committed to “smart growth,” placing emphasis on strategic site selection, updated restaurant formats, and strong franchisee partners. That focus includes a significant refresh of its store image. By the end of 2024, over 20,000 restaurants—including nearly two-thirds of its U.S. footprint—had been remodeled or built under the brand’s “Fresh Forward” design.
To take this modernization even further, Subway unveiled “Fresh Forward 2.0,” its next-generation design platform aimed at enhancing the guest experience and improving operational efficiency. These updates, the brand said, have contributed to improved consumer perception, stronger sales, and renewed franchisee enthusiasm.
In the U.S., Subway lost a net of 631 stores last year. The sandwich chain finished the year with 19,502 domestic units, marking the first time the brand has been below 20,000 in about 20 years. It reached a peak of more than 27,000 stores in 2015.
The declines began in 2016 and have persisted. Since then, Subway has lost a net of approximately 7,600 domestic stores, including over 1,000 in 2018, 2020, and 2021. However, the company remains the largest restaurant chain in the U.S. in terms of footprint. The next highest is Starbucks, which ended its 2024 fiscal year with 16,935 U.S. shops. McDonald’s is third at 13,559.
Subway, founded in 1965 by 17-year-old Fred DeLuca and Dr. Peter Buck, was family owned up until 2024, when it was purchased by private equity firm Roark Capital for a reported $9.6 billion.
Former CEO John Chidsey retired at the end of 2024 after serving as CEO for five years. Carrie Walsh, president of Europe, Middle East, and Africa (EMEA), is serving as interim chief executive while the sandwich giant searches for a permanent replacement.
