Fred DeLuca
| Fred DeLuca | |
|---|---|
| Born | Frederick DeLuca 1948 (age 64) New York City, New York, U.S. |
| Residence | Fort Lauderdale, Florida |
| Nationality | American |
| Ethnicity | White American |
| Occupation | Businessman |
| Years active | 1965–present |
| Net worth |  US$2.2 billion (2011)[1] |
| Title | Founder/President of Subway (1965–present) |
| Spouse | Married |
| Children | 1 son |
Frederick "Fred" DeLuca (born 1948[2]) 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, CT.
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[edit] 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. Until that time, DeLuca worked at a hardware store, trying to raise money for college,[3] to study medicine.[4] Deluca's plan was to begin a “fast-food venture that provided a healthier, less fattening bill of fare.[3]” On the radio advertisement they had promoted the name as "Pete's Submarines", which sounded like Pizza Marine, so they changed the name to "Pete's Subway", eventually it was shortened to "Subway", as it is known today.
The first shop opened on August 28 that year at a mediocre location in the city of Bridgeport, Connecticut.[5] 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.".[5] The third outlet was in a highly visible location [4] and that location is still there today.[6]
In 1978, Subway’s 100th store opened, and reached the 1000 store mark in 1987, whereas the McDonald's chain only had 800.[3]
As of March 2012, the company counts over 36,400 franchised locations in 99 countries[7] 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.[3] [8]
DeLuca and Peter Buck also partnered to create Franchise Brands [9] in an effort to assist other entrepreneurs in replicating their success in the franchise industry.
[edit] Personal life
At the age of 10 Fred moved to Amsterdam, New York, where he and his family became friends with Peter Buck.[10] Once in his teens, he moved with his family to Bridgeport, Connecticut.[3] After succeeding, DeLuca continued his dream to go to college and graduated from the University of Bridgeport, a private university in Bridgeport, CT.[4]
DeLuca lives in Ft. Lauderdale, FL,[8] along with his wife and one son.[4]
[edit] References
- ^ "Fred DeLuca". Forbes. http://www.forbes.com/profile/fred-deluca/. Retrieved 2011-11-10.
- ^ "20th Century Great American Business Leaders database". Hbs.edu. http://www.hbs.edu/leadership/database/leaders/209/. Retrieved 2011-11-10.
- ^ 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. http://encyclopedia.jrank.org/articles/pages/6179/DeLuca-Fred.html. Retrieved 2011-11-10.
- ^ a b c d "Billionaire Profile: Fred DeLuca". Moneyedup.com. 2011-03-25. http://www.moneyedup.com/2011/03/billionaire-profile-fred-deluca/. Retrieved 2011-11-10.
- ^ a b "Five Tips from Subway". Tonyaloe.com. http://www.tonyaloe.com/five_tips_from_subway.htm. Retrieved 2011-11-10.
- ^ "Subway, Eat Fresh". Subway.com.au. http://www.subway.com.au/info/franchise_information/facts_and_history/. Retrieved 2011-11-10.
- ^ "Home". SUBWAY.com. http://www.subway.com. Retrieved 2011-11-10.
- ^ a b "Forbes Richest Americans". Forbes.com. 2006-09-19. http://www.forbes.com/lists/2006/54/biz_06rich400_Fred-DeLuca_BNPG.html. Retrieved 2011-11-10.
- ^ "Franchise Brands". Franchisebrandsllc.com. 2009-02-19. http://franchisebrandsllc.com/Home/tabid/274/Default.aspx. Retrieved 2011-11-10.
- ^ "Fred DeLuca". H. Wayne Huizenga School. http://www.huizenga.nova.edu/DBC/DeLuca.cfm.
