It is illustrative to read through some of the franchisee message boards where Subway owners talk. From what I recall, the margins are incredibly low and profit

It is illustrative to read through some of the franchisee message boards where Subway owners talk. From what I recall, the margins are incredibly low and profits hinge largely on "combo" chips and drinks deals. Subway is getting hit high and low: high from fast casual, low from convenience stores which can add in sandwiches made on premises (small remodels, no rent or significant additional overhead, ability to leverage existing business infrastructure). Minimum wage laws will sink a lot of these franchises soon. One immigrant-owned Subway in my area seems to be surviving only by stretching vacation visa laws with a rotating cast of visiting relatives working the line. It's no coincidence that it is in the same strip mall as a couple of nail salons.