Subway to offer 6-inch sandwich for $3

NEW YORK If Subway's $5 Footlong is too expensive, the chain is now offering a 6-inch sub for $3.

The promotion makes Subway just the latest chain to step up its value offerings as the competition for price-conscious diners intensifies. With the broader restaurant industry expected to be flat to modestly up this year, companies are going to greater lengths to convince people to eat out more.

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Burger King (BKW) this week introduced "King Deals" in select markets, which includes a daily featured entree, small drink and side for $4.99. Wendy's (WEN) recently revamped its value menu and McDonald's (MCD) has been playing up its Dollar Menu.

Subway says the $3 deal will be for a rotation of select sandwiches. The "Six-Inch Selects" promotion kicks off in March with the oven roasted chicken sandwich and will run through at least June. A spokesman for the company says the chain previously offered a $3 sub in select markets but that this is the first national launch of the promotion.

Based in Milford, Conn., Subway has more than 37,000 locations globally.