Subway is cutting the price on its footlong sub, joining the value menu battle
Subway's footlong sandwiches are getting a new price, but the deal won't last forever.
Beginning August 26, the restaurant chain is chopping the cost of its footlong subs to $6.99, down from as much as $14 in some markets, Subway said Friday. It marks the company's foray into the value menu wars as fast-food restaurants try to to win back customers who say food prices are too high.
The offer, only available for purchases made through Subway's app or website with code "699FL," will end Sept. 8. Subway offers more than 20 different sandwiches, and customers can also create their own custom subs at no extra charge.
The move follows special summer menu rollouts from other fast food chains that have struggled in recent months to grow sales and draw inflation-weary consumers into their stores and restaurants. In announcing the new footlong price, Subway acknowledged Americans' struggles with the rising cost of living, as well as their heightened sensitivity to food prices.
"Today's diner is stretched more than ever, and too often that means a tradeoff on quality, variety or flavor to find an affordable meal," Subway North America president Doug Fry said in a statement.
Some consumers are increasingly opting to dine at home as restaurant prices have surged since the pandemic. The cost to eat out has jumped 28% since January 2020 — outpacing the overall inflation rate of 21% over the same period, according to government data.
That's prompting some chains to cut their prices in an effort to lure diners back through their doors, such as McDonald's offer in June of a limited-time $5 value meal. The fast food giant's global sales slumped in the second quarter, marking the first decline for the fast-food giant since 2020. Management attributed the slowing foot traffic to low-income consumers paring their spending on food outside the home.
Other retailers, including Target, have also slashed prices on goods to draw cash-strapped customers back to grocery aisles. In Target's case, the move paid off: Its comparable sales rose for the first time in a year in the second quarter.
