The World Economic Forum, famous for bringing together the great and the good in Davos, Switzerland, has for some time run a programme for people it modestly anoints as Young Global Leaders. But in 2010 the Davos lot (maximum age: 40) will be old hat. Truly young would-be leaders, no older than 25, will gather on February 8th-10th in London for a “summit” called One Young World. Their purpose? Solve the world’s problems. Why? Their elders seem unable to. (more…)
Archive for November, 2009
Subway’s $5 footlong, the brainchild of an obscure Miami franchisee, is the fast-food success story of the recession
Stuart Frankel isn’t what you’d call a power player in the world of franchising. Five years ago he owned two small Subway sandwich shops at either end of Miami’s Jackson Memorial Hospital. After noticing that sales sagged on weekends, he came up with an idea: He would offer every footlong sandwich (the chain also sells 6-inch versions) on Saturday and Sunday for $5, about a buck less than the usual price. “I like round numbers,” says Frankel, a brusque New Yorker who moved to Miami in 1972 and owned a drugstore before opening his first Subway outlet in 1988.
Customers liked his round number, too. Instead of dealing with idle employees and weak sales, Frankel suddenly had lines out the door. Sales rose by double digits. (more…)