But this doesn't really matter for Subway corporate, as most of their profits come from franchising fees.

Ironically, this was one of McDonald's biggest failings in the 90s that allowed Subway to boom.

McD's head office were allowing franchises to open too close to one another, HQ made more money but the franchise owners were making far less. Potential franchise owners turned to Subway where the profits were initially much better until Subway made exactly the same mistakes as McDonalds.

In fact, Subway is basically like looking at McDonalds from 20 years ago. The quality has dropped, people have realised that just because it's a sandwich doesn't mean it's healthy, prices have gone up whilst portions have gone down. etc. etc. etc.

All the things we were mocking McDonalds for in the mid noughties, the introduction of salads on the menu, refurbed restaurants looking like starbucks etc. Those all worked and customers have come back from the likes of Subway they had fled to.