Fred DeLuca and Dr. Peter Buck opened the first Subway sandwich shop in 1965 in Bridgeport, Connecticut, selling over 300 sandwiches on the first day. Subway has since grown to become the largest submarine sandwich franchise in the world, with over 31,000 locations globally. Starting a Subway franchise requires an initial investment between $78,600-$238,300 which includes a $15,000 franchise fee and 8% royalty fee. Subway's main competitors are Quiznos and McDonald's.