Fred DeLuca

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Fred DeLuca
Fred De Luca 2011-03-09 001.jpg
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 Increase US$2.5 billion (2012)[3]
Title Founder/President of Subway (1965–present)
Spouse(s) Married
Children One son, Jonathan DeLuca
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[edit]

In 1965, DeLuca borrowed $1,000 from friend Peter Buck. This was 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[edit]

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 daughter.[7]

On July 15, 2013 DeLuca announced that he is being treated for leukemia.[15][16]

Honors[edit]

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[edit]

  1. ^ a b c "Bio: Fred DeLuca". Northeastern University, School of Business. 
  2. ^ a b "Commencement 2002: Subway founder and UB alumnus tells graduates to never give up". KnightLines. University of Bridgeport. 2002. 
  3. ^ "Fred DeLuca". Forbes. Retrieved 2013-01-12. 
  4. ^ "20th Century Great American Business Leaders database". Hbs.edu. Retrieved 2011-11-10. 
  5. ^ a b c d e "DeLuca, Fred - Overview, Personal Life, Career Details, Chronology: Fred DeLuca, Social and Economic Impact - Subway, Store, Company, and Food - JRank Articles". Encyclopedia.jrank.org. Retrieved 2011-11-10. 
  6. ^ "Enterpreneur’s Hall of Fame: Fred DeLuca". letstalkbusinessnetwork.com. 2007. Retrieved 2012-09-14. [dead link]
  7. ^ a b c d "Billionaire Profile: Fred DeLuca". Moneyedup.com. 2011-03-25. Retrieved 2011-11-10. 
  8. ^ "Early Fast Fooderies-Where They all Started". culinary-colorado.com. 2012-04-30. Retrieved 2012-09-13. 
  9. ^ a b "Five Tips from Subway". Inc. Retrieved June 26, 2013. 
  10. ^ "Subway, Eat Fresh". Subway.com.au. Retrieved 2011-11-10. 
  11. ^ "Subway Imagines a Future With 100,000 Sandwich Shops". Businessweek. 2013-06-07. Retrieved 2013-12-31. 
  12. ^ a b "Forbes Richest Americans". Forbes.com. 2006-09-19. Retrieved 2011-11-10. 
  13. ^ "Franchise Brands". Franchisebrandsllc.com. 2009-02-19. Retrieved 2011-11-10. 
  14. ^ "Fred DeLuca". H. Wayne Huizenga School. 
  15. ^ "Subway sandwich co-founder has leukemia". NBCNews. Retrieved 19 July 2013. 
  16. ^ http://nypost.com/2014/03/30/subway-co-founder-attends-meeting-mid-leukemia-battle/

External links[edit]