Subway is still the biggest restaurant chain in America by footprint, but the numbers tell a different story. After nearly two decades above the 20,000-store mark, the sandwich giant closed out 2024 with fewer domestic locations than ever in recent memory. The decline has been steady since 2016, yet the brand continues to expand overseas and invest in bold store upgrades. Here’s a closer look at the rise, fall, and global pivot of the world’s most famous sub shop.
Peak Years Are in the Past
Subway hit its all-time high in 2015 with more than 27,000 U.S. locations. But the momentum didn’t last—store closures began the following year and never stopped. By the end of 2024, the count had dropped to 19,502, breaking a nearly 20-year streak above 20,000.
Nine Straight Years of Decline
From 2016 through 2024, the brand lost roughly 7,600 domestic stores. Some years were especially brutal—2018, 2020, and 2021 each saw more than 1,000 locations shutter. Even in its “better” years, the chain still posted a net loss.
Still the Footprint King
Despite the closures, Subway still has more U.S. stores than any competitor. Starbucks comes in second with 16,935 shops, while McDonald’s trails at 13,559. The sheer size of Subway’s network keeps it in the top spot for domestic reach.
Overseas Growth Gains Speed
While U.S. numbers shrink, Subway’s international presence is booming. The chain has added more than 10,000 units to its pipeline in the last three years. With nearly 37,000 restaurants worldwide, it ranks third globally, behind McDonald’s and Starbucks.
Strategy Shift to “Smart Growth”
The brand says it’s taking a data-driven approach to U.S. operations. That means opening new stores where it makes sense, relocating some, and closing others entirely. The goal is to ensure every location is in the right spot, run by the right franchisee, and delivers a consistent experience.
Fresh Forward 2.0 Hits the Scene
In late 2024, Subway revealed its new Fresh Forward 2.0 prototype. The update adds vibrant décor, bold wall graphics, localized signage, better lighting, and warm wood tones. It’s designed to make the brand feel fresher and more modern inside and out.
Thousands Already Upgraded
This isn’t Subway’s first big design push. The original Fresh Forward look has already been adopted by more than 20,000 locations worldwide. Over 10,000 of those are in North America, signaling a major visual shift for the chain.
End of an Era in Ownership
Founded in 1965 by Fred DeLuca and Dr. Peter Buck, Subway was family-owned for nearly 60 years. That changed in 2024 when Roark Capital bought the company for a reported $9.6 billion. The sale marks one of the biggest ownership changes in the brand’s history.
Leadership in Transition
Former CEO John Chidsey retired at the close of 2024 after five years at the helm. Carrie Walsh, who previously led the EMEA region, is now serving as interim CEO while the search for a permanent leader continues.
Slide 10: Menu Innovation Beyond Sandwiches
Subway hasn’t stopped experimenting with its offerings. Recent creations include the Double Chocolate Peppermint Footlong Cookie, an Oreo Footlong Cookie, and Doritos Footlong Nachos. These offbeat items aim to keep the menu fresh and customers curious.
