By James Myers, OAN Staff
Friday, August 23, 2024 2:15 p.m.
Sandwich maker Subway has launched a sale offering a one-foot-long sandwich for $6.99 to combat inflation, but sources say the sandwich chain’s sales have plummeted.
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Details of the Footlong deal state that customers can order any footlong sub on the menu or customize their own for $6.99.
While this isn’t the original $5 one-foot sandwich sale, customers can still get a deal on sandwiches that sell for up to $14.
The deal was revealed last week by Subway CEO John Chidosie during an “urgent” last-minute meeting with franchisees.
Because Subway is a privately held company, it doesn’t report sales figures like publicly traded companies.
Meanwhile, the popular sandwich chain has seen sales declines of more than 8% in some regions over the past few weeks compared to last year.
“Restaurants today are busier than ever, and finding an affordable meal too often means sacrificing quality, variety and taste,” Subway North America president Doug Fry said in a statement. “At Subway, we define value as combining delicious choices at a fair price without sacrificing quality.”
However, to take advantage of this offer, customers will need to use promo code 699FL and order through the Subway app or Subway.com to avail the cheaper offer.
Subway said the move is an effort to build loyalty, with the hope that customers will download the app, sign up for Subway’s MVP rewards program and visit stores more often.
Subway, which was sold in April to Roark Capital, the parent company of Dunkin’ Donuts, Arby’s and Baskin-Robbins, for $9 billion, does not own any of its stores and many of its franchisees make little profit.
The latest value menu and promotions are an attempt to counter a slowdown in the chain’s store count, which closed more than 400 restaurants in the U.S. last year and ended the year with an estimated 20,000 locations, the lowest number since 2005.
Other fast-food chains are suffering similar results, with McDonald’s reporting its first sales decline in July since 2020 as it struggles to retain customers with inflated prices.
The burger chain’s improving sales have led it to extend its $5 meal deal at most locations through the end of this month.
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