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Aug 20 (Reuters) - Staples Inc reported better-than-expected quarterly profit and sales, driven by strong demand for non-core office supplies, such as furniture and breakroom items, from companies in North America.
Shares of the largest U.S. office supply retailer rose 3 percent before the bell.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I have often wondered how these office supply store have survived. When I had a business for 16 years I bought most office supplies at Costco, where I work now has a contract with a large local family-owned company. The few times I have gone into Staples or Office Depot there was never a wait at the cashier. The local Office Max closed up several years ago.
You would think that as more and more businesses and consumers shop through websites the brick and mortars will struggle to stay open- especially in the office supply business. Also, there is too much competition in this space and offices are becoming more paperless. For example, cloud services plays a role in diminishing the use of paper, pens, folders, staples, etc.
We lost our local Staples 15 years ago. There is one about 30 minutes away but I'd have to drive by 2 Costco and a couple Office Max, Office Depots before I get there.
The largest sale increase/growing area for Staples has been from direct sales contracts to businesses, governments, etc. The direct to end user/consumer market is dropping off.
Any business model has to change/evolve. Is not GE selling their appliance division? Who would have ever predicted that.
One thing to note is Staples may do better in its online ordering arena. Every job Ive worked at has ordered its supplies online through Staples. Perhaps they have just decided that is a better platform than brick and mortar?
If Staples is like bestbuy, they need to close. Went into best buy yesterday, needing a 64 gb micro SD card. Cheapest they had was $60, plus tax. Found one online for $35.00. And I'm sure bestbuy.com had one for $35 as well... but once you get in the store, forget it.
Everybody I've ever known who've worked for Mitt Romney are very ignorant and greedy.
Staples lacking creativity and foresight does not surprise me.
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