Subway on Tuesday announced a new franchise agreement that will mean nearly 4,000 new restaurants in China over the next two decades.
The restaurant chain has dual headquarters in Milford and Miami, with plans underway to move its Connecticut headquarters to Shelton.
John Chidsey, Subway’s global CEO, called China a key market with long-term growth potential.
“We look forward to bringing the Subway experience to even more guests in the region,” Chidsey said. “This agreement is a significant milestone in Subway’s international growth strategy as we continue to focus on strategically expanding our footprint.”
Subway said it has entered into a new master franchise agreement with Shanghai Fu-Rui-Shi Corporate Development Co. Ltd., to expand its presence in China.
Subway described it as the largest master franchise agreement in its history, and it was funded by a consortium of private investors, including Asia Investment Capital.
Shanghai Fu-Rui-Shi will open new restaurants in China over the next 20 years, and the additional eateries will grow Subway’s current footprint there by more than seven times, according to Subway. Shanghai Fu-Rui-Shi also will have exclusive rights to manage and develop all Subway locations in China.
The sandwich chain has been focused on expanding internationally. This new deal marks Subway’s 13th master franchise and development agreement in the past two years. Combined, the agreements will result in more than 9,000 future Subway restaurants worldwide, the company said.
Subway opened its new global dual headquarters in Miami in early 2023. The company indicated it plans to continue to have a strong presence in Connecticut. While its other dual headquarters is in Milford, all functions of the current Milford-based team will move to a 90,000-square-foot space at 1 Corporate Drive in Shelton later this year.