Fred DeLuca

Fred DeLuca
Born	Frederick A. DeLuca 1948 (age 65–66) Brooklyn, New York City, U.S.[1]
Residence	Fort Lauderdale, Florida
Nationality	American
Alma mater	University of Bridgeport (B.S., Psychology)[1] University of Bridgeport (L.H.D., 2002) honorary[2]
Occupation	Businessman
Years active	1965 – present
Net worth	US$2.5 billion (2012)[3]
Title	Founder/President of Subway (1965–present)
Spouse(s)	Married
Children	One son
Parents	Salvatore DeLuca Carmela DeLuca[1]

Frederick "Fred" DeLuca (born 1948)^[4] is an American businessman, best known as the co-founder of the Subway franchise of sandwich restaurants. DeLuca is an alumnus of the University of Bridgeport and Central High School in Bridgeport, Connecticut.

Career

To start his first sandwich shop in 1965 when he was seventeen years old, DeLuca borrowed $1,000 from friend Peter Buck, after Buck suggested the idea to help Fred make money for college^[5][6] to study medicine.^[7] Deluca's plan was to begin a “fast-food venture that provided a healthier, less fattening bill of fare".^[5] On the radio advertisement they had promoted the name as "Pete's Submarines", which sounded like Pizza Marines, so they changed the name to "Pete's Subway". Eventually in 1968, it was shortened to "Subway" as it is known today.^[8]

The first shop opened on August 28, 1965 at a mediocre location in the city of Bridgeport, Connecticut.^[9] The first year of business was a learning experience and a challenge. A year later they opened their second location, having realized that visibility and marketing were key factors to success. DeLuca believed that the biggest mistake he made was where he set up his very first shop as it was a "crummy location."^[9] The third outlet was in a highly visible location ^[7] and that location is still there today.^[10]

In 1978, Subway’s 100th store opened, and reached the 1,000 store mark in 1987. Explosive growth continued with Subway opening over 1,100 units in 1993 alone. By comparison, McDonald's opened just under 800 that same year.^[5]

As of June 2013, the company counts over 39,500 franchised locations worldwide ^[11] and produces US $9.05 billion sales every year. In 2007, Forbes magazine named DeLuca number 242 of the 400 richest Americans with a net worth of $1.5 billion. Today, Subway is one of the most popular chain restaurants.^{[5] [12]}

DeLuca and Peter Buck also partnered to create Franchise Brands ^[13] in an effort to assist other entrepreneurs in replicating their success in the franchise industry.

Personal life

At the age of 10 Fred moved to Amsterdam, New York, where he and his family became friends with Peter Buck.^[14] Once in his teens, he moved with his family to Bridgeport, Connecticut.^[5] After succeeding in his business, DeLuca realized his dream to go to college and graduated from the University of Bridgeport.^[7]

DeLuca has homes in Milford, Connecticut and Fort Lauderdale, Florida,^[12] and lives with his wife and one son.^[7]

On July 15, 2013 DeLuca announced that he is being treated for leukemia.^[15]

Honors

At the graduation commencement in 2002, DeLuca received an honorary Doctor of Humane Letters (L.H.D.) from his alma mater, the University of Bridgeport.^[2]

References

External links

• Entrepreneur magazine interview