Until July 4th, the Milken Center for Advancing the American Dream features U.S. citizens sharing their views on what the 2026 American Dream signifies for them. One such personal story comes from Peter Cancro, the founder and chairman of Jersey Mike’s Subs, who purchased his first shop during his senior year in high school along the Jersey Shore. Today, Jersey Mike’s has around 3,500 locations across the globe.
Peter reflects on his upbringing, noting that his father was an auto mechanic while his mother was a homemaker. He began working at a local sub shop when he was just 14, feeling immediately that his voice mattered there. It was, as he describes, a familial culture that welcomed him. His journey started in 1971, and by 1975, when the owner decided to sell, his mother nudged him to consider buying the place.
At first, he found the suggestion amusing. However, after some thought, he called the owner the next morning. The owner was willing to give him a few weeks to gather the necessary funds. Given the economic climate of 1975, Peter decided to approach a local bank to see about securing a loan.
Rod Smith, his youth football coach, became aware of Peter’s ambitions and had some reservations about his plans.
After discussing his business idea with Rod, who was a banker, he agreed to lend Peter the money. Peter’s teachers, still at Point Pleasant Beach High School, expressed concern, suggesting he could jeopardize his future and should pursue a law career instead. At that time, he was the class president and football team captain.
Despite the mixed advice, he went ahead, showing up at the shop every day and taking charge.
Today, the majority of Jersey Mike’s locations are in the United States and Canada. Peter believes the American Dream is fundamentally about standing with loved ones, achieving financial success, and having the capacity to share and give back to others.
The American Dream Video Project showcases authentic narratives that highlight roads to opportunity. This initiative, facilitated by the Milken Center for Advancing the American Dream, marks a celebration of America’s upcoming 250th anniversary. The center is a new cultural hub in Washington, DC, dedicated to interactive exhibits and stories about striving for the American dream.
