Subway will offer a footlong for $6.99 starting Monday, joining the value-menu wars to lure back customers hurt by inflation amid sagging sales for sandwich chains.
The deal allows Subway customers to order any footlong sub on the menu, or customize it to their liking, for just $6.99.
The contract expires on September 8th.
While it’s not $5, it does offer customers a significant savings on a subwoofer that currently costs as much as $14.
Subway CEO John Chidosie revealed the deal in an “urgent” last-minute meeting with franchisees.
The Post reported the story exclusively last week.
Sources previously told The Washington Post that the CEO spoke as if the brand was in dire straits.
Because Subway is a privately held company, it doesn’t report sales figures like publicly traded companies.
But the sandwich chain has seen same-store sales declines of more than 8% year-over-year in some regions in recent weeks, faring worse than similarly struggling rivals such as McDonald’s and Burger King, The Washington Post exclusively reported.
The revived Footlong sale is Subway’s latest attempt to win back cash-strapped customers.
“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.”
The only catch is that to receive this offer, customers must order through the Subway app or Subway.com using promo code 699FL.
The online purchase obligation is a loyalty ploy promoted by Subway in hopes of encouraging customers to download the app, sign up for Subway’s MVP rewards program and visit stores more frequently.
This isn’t new: McDonald’s is offering free fries on Fridays through the end of the year to customers who make a minimum purchase through the app.
Subway, which was sold to Roark Capital, the parent company of Dunkin’ Donuts, Arby’s and Baskin-Robbins, for $9 billion in April, does not own any of its stores and many of its franchisees make little profit, sources previously told The Washington Post.
The company has tried to lure customers with a variety of offers, including buy-one-get-one-free promotions on subs and deals on sweet and savory snacks under $5.
Subway heavily promoted its Dippers snack, a cheese-filled roll, in hopes that customers would buy the flatbread along with their footlong sub, but the Dippers aren’t selling.
Subway will reportedly be switching out pre-sliced cold cuts for freshly sliced meats and offering a $6 deal that includes a four-inch sandwich, soup, chips, and two cookies.
The value menu and promotions are an attempt to counter a decline in the chain’s store count, as it closed more than 400 restaurants in the U.S. last year and ended the year with about 20,000 locations, the lowest number since 2005.
Fast-food rival McDonald’s reported its first sales decline in July since 2020 as it struggled to retain customers unhappy with rising menu prices.
The company has seen sales of great value set menus and increased site traffic, so it has extended its super popular $5 set menu at most locations until August.
Burger King also saw its second-quarter sales fall despite bringing back its $5 value menu in June, ahead of a similar launch at McDonald’s.
