Subway exceeds 1,200 stores in mainland China, with more than 350 openings planned for 2026

Subway continues to expand in mainland China. According to a report published by China.com on 16 October, the network grew from around 538 stores when Subway granted exclusive mainland China operating rights to Shanghai Fu-Rui-Shi Corporate Development in 2023 to more than 1,200 by June 2026. The operator plans to open over 350 stores during 2026. This expansion offers a concrete case study for international readers examining how global franchise brands operate locally in China.

A larger store network, but annual targets remain distinct

The report states that Subway opened more than 300 stores in 2025. By June 2026, its mainland China network exceeded 1,200 locations, a substantial increase from around 538 when the exclusive operating rights changed hands.

These figures measure different things: more than 1,200 is the total store count as at June 2026; over 300 is the number of openings in 2025; and more than 350 is the planned number of openings for the whole of 2026. An annual target should not be treated as completed openings or confused with the total network size at a given date.

For prospective partners following the brand’s expansion, the existing store count provides a starting point for understanding its coverage. On its own, however, it does not establish whether a particular city or site is suitable for a new outlet.

Exclusive operating rights underpin the expansion

A key development behind this phase of Subway’s mainland China expansion was the granting of exclusive operating rights to Fu-Rui-Shi in 2023. The report describes this as a licensing arrangement rather than a sale of the brand.

For those considering a franchise partnership, distinguishing brand ownership from territorial operating rights helps clarify the commercial relationship. Faster local expansion by an international brand does not mean that its trademarks or the brand itself have changed ownership. When assessing a potential partnership, prospective partners should verify the contracting entity, the scope of its authorisation and the contract term, rather than relying on the brand name alone to establish who holds which rights.

Operator’s registered capital rises to US$93 million

Alongside the growth in its store network, the operator has increased its registered capital. According to the report, this rose from US$58 million to US$93 million in early 2026.

The change in registered capital and the annual opening target are two useful indicators to track during this expansion. Registered capital should not, however, be equated with funds already spent on new stores. Nor does it establish the investment required per outlet, the financial support available to franchisees or the likely payback period.

Similarly, growth in store numbers reflects a larger network, not necessarily the trading performance of individual outlets. Prospective partners still need to prepare their own financial projections based on the proposed site’s rent, staffing and day-to-day operating requirements.

Prospective franchise partners should track delivery against targets

The key developments outlined in the report are the expansion of Subway’s store network following the transfer of exclusive operating rights, an increase in the operator’s registered capital and a new annual opening target. The next point to watch is how far that target is achieved, rather than treating planned expansion as a completed business result.

Practical takeaway: when assessing a partnership, record existing stores, planned openings and registered capital separately. Request verifiable documentation of operating rights and specific contractual commitments on support. Brand scale is a useful reference point, but the final decision should rest on the contract and the financial projections for the individual outlet.