Picture this: You go to your usual sandwich shop, order your usual sandwich, and although the price is the same, the sandwich feels lighter. If this sounds familiar, you’re not alone.
Recently, a man criticized Jersey Mike’s on TikTok for the poor quality of their sandwiches (1).
“My friends, this is what you get for $9 at Jersey Mike’s – $10 plus tip. That’s $10,” he said, holding each end of the sub between his thumb and forefinger.
In January 2025, private equity giant Blackstone completed its $8 billion majority stake acquisition of Jersey Mike’s, and long-time fans have been asking why “Mike’s Way” seems less substantial (2).
Regardless of whether portion sizes are actually declining, Jersey Mike’s is part of a trend of private equity firms acquiring some of America’s most popular restaurant chains and potentially squeezing profits.
Private equity is changing the sandwich landscape, one major acquisition at a time. Subway was acquired by Roark Capital in a multi-billion dollar deal(3). Firehouse sub? Merged into Restaurant Brands International for US$1 billion (4).
The numbers explain the call. Jersey Mike’s is currently the fourth largest sandwich chain in the United States, and the market value of the U.S. sandwich industry will reach $41.5 billion by 2024(5). With so much cash up for grabs, it’s no wonder private equity investors are flocking to the company.
Blackstone wants Jersey Mike’s to expand its more than 3,000 stores. The brand is already growing. 828 locations opening between 2021 and 2023(6). According to CNBC (7), once Jersey Mike’s reaches about 4,000 stores, Blackstone’s payment structure will expand, incentivizing the company to grow rapidly.
Rapid growth has not been without change. In private equity, the top priorities are cost reduction, efficiency and rapid expansion. Standardization could replace sandwich makers who shove you an extra sandwich “just because.” Efficiency is the name of the game, and that could mean digitized pick lanes, workflow automation and ultra-fast assembly lines.
This is probably why you end up with a subwoofer that feels lighter. Less meat, less toppings, maybe the bread looked a little short.
Jersey Mike’s is a chain that’s built its reputation and pricing power through a slew of deli-level subs. Customers already pay a premium: A regular Jersey Mike’s sub typically costs $9 to $14, often 30 to 50 percent more expensive than its Subway counterpart.
When you charge the highest price for a sandwich, customers expect the highest quality. If they believe quality is slipping, the entire value equation shakes. Business Insider’s head-to-head comparison of Subway and Jersey Mike’s found that Mike’s won on quality, but Subway won on price and customization (8).
There’s no hard evidence that Jersey Mike’s portion size has officially been reduced. There are no third-party audits, no before-and-after ingredient logs, and no in-lab weight comparisons. Instead, there’s been a wave of TikTok(9) with customers complaining about what they’re getting now.
Most Jersey Mike’s locations are franchised, so your experience may vary from store to store, although company portion standards and cost-control rules apply to everyone (10).
While the motivation to reduce portion sizes may be genuine, the conclusive evidence is not. However.
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When your lunch starts to feel light but the price remains the same, it’s worth taking a closer look.
If your backup feels like he’s being stingy, don’t ignore your instincts, but try to be objective. Compare old photos to check how many slices of meat you actually get, and note the imbalance in price versus portion size.
Local sandwich shops and smaller chains are not subject to private equity-style expansion goals and may offer you better value for the same spend.
If you take your business and hard-earned money elsewhere, it may be more convincing than a social media complaint.
The smaller sub-phenomenon involves more than just social media paranoia; the change occurs when beloved chains are folded into the machinery of large private equity firms. There may not be conclusive evidence just yet, but if you’re paying top dollar, pay close attention to any changes you’re getting, and take advantage of your power as a consumer: put your money where your mouth is.
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@dionckhan/TikTok (1), (9); CNN (2); CNBC (3), (7); Restaurant Business (4); IBIS World (5); Fast Food (6); Business Insider (8); Franchise Chatter (10)
This article provides information only and should not be considered advice. It is provided without any warranty of any kind.
