Ashley Morris’s journey from finance professional to CEO of Capriotti’s Sandwich Shop is a story of perseverance and a relentless passion for quality.
Morris fell in love with Capriotti’s in college when his roommate introduced him to the brand. The roommate said the shop was the home of the “greatest sandwich I’ve ever eaten” and insisted he try it.
After some convincing, Morris finally made it to the most important sandwich of his life. “I got a cheesesteak from Capriotti’s and thought, Man, this is literally the best cheesesteak I’ve ever had,” he says. Morris remained a loyal customer for the rest of his college days.
Years later, Morris established a career in finance and worked as a portfolio manager at Wells Fargo, and Capriotti’s remained a consistent favorite. “I found myself still eating at this place all the time, loving it and being excited about going and getting my lunch,” he says.
The obsession led him to open a Capriotti’s franchise with a friend. Morris called it their “first entrée into Capriotti’s” as absentee franchisees. They bought three locations in three years but wanted more. That’s when things changed.
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If you can’t join ’em, own ’em
A pivotal moment came when Morris realized the brand’s potential went beyond franchise opportunities. Inspired by a poker broadcast describing 26-year-olds as “dinosaurs,” Morris decided it was now or never.
Capriotti’s turned down his request to own more than three stores, so he tried a different angle. ”I called the owner back and said, ‘Hey, if you won’t sell me more stores, then I’ll just buy the whole company,'” Morris tells Shawn Walchef, host of Restaurant Influencers.
The deal closed in January 2008, just months before the financial crisis. Not ideal timing, but they didn’t give up. ”We were very under-capitalized, [had] absolutely no franchising experience whatsoever [and] very little restaurant experience,” Morris admits.
Despite these challenges, he knew this was where he was meant to be.
As of August 2024, Capriotti’s has nearly 160 stores in operation, with plans to open 12 to 15 more by the end of the year. “We have just under 200 in the development pipeline,” Morris shares. The company’s vision is ambitious: 750 profitable locations by December 31, 2032.
It’s not easy. Scaling comes with many challenges. Morris highlighted two key blind spots during their expansion: “Blind spot A [was] thinking, Hey, you just go out and put some ads on television, life is good. That’s make-believe. Blind spot B was how hard the supply chain is when you don’t have critical mass.”
The solutions came through strategic partnerships and methodical growth. “We’re capable of building about 25 new stores a year right now with the infrastructure we have,” Morris says.
The CEO aims for more than just growth for Capriotti’s. He believes in balancing business with purpose. His journey through this business has taught him the importance of mentorship and adaptability. The emotion of it drives him as much now as it did at the beginning. “I just cared about it more, I loved it more, I got excited about it,” he says.
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