The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of
Jersey Mikes Expanding In Houston
Jersey Mike's is planning to open more stores in Houston.
The New Jersey-based sub sandwich chain is seeking franchise partners to open dozens of new locations across the Bayou City. The chain, which entered the Houston market in 2003, currently has 17 local restaurants.
"Houston, being the fourth-largest city and a major market, there's an awful lot of opportunity and white space here," said Rich Hope, Jersey Mike's chief marketing officer. "We're under-stored in the market right now."
Jersey Mike's, which opened its first location in 1956, has more than 1,100 restaurants nationwide, including 42 in Dallas, 15 in Austin and six in San Antonio. The chain, which saw same-store sales grow 6 percent in 2017, is in rapid expansion mode with plans to have more than 2,000 stores open by 2020.
The chain opened more than 170 restaurants in 2017. This year, the company is on track to open 160 locations, primarily in the suburbs of major cities. A little more than half of the growth came from the expansion of existing franchisees.
To find new partners, Jersey Mike's plans to host an information session on May 10, from 6:30 p.m. to 8 p.m. at the Houston Marriott at George Bush Intercontinental Airport, for prospective franchisees to meet company executives and learn more about the brand. Interested franchisees should contact Jersey' Mike's to register for the event.
Jersey Mike's is seeking individuals with a net worth of at least $300,000 and $100,000 in liquid assets. Moreover, the company is looking for partners who are community oriented, Hope said. The company holds a month of giving in March; this year, the Houston franchisees raised more than $50,000 for the Houston Food Bank.
"We basically feel good people make good business owners," Hope said. "Our ideal prospect is a good community person who is looking to make a difference in the community."
Jersey Mike's faces stiff competition in Houston, which has attracted several new restaurant franchise concepts in recent years. Hope said his company hopes to stand out with its northeast-style sub sandwich, which features oil and vinegar dressing, fresh-sliced vegetables and meats and grilled sandwiches.
"Houston is more competitive than most markets," Hope said. "But we love this market. There's plenty of opportunity in this market."
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