Company Overview Visit officedepot.com website
Office Depot is a popular company that offers office supplies and equipment, as well as other products. It was originally founded in 1986 by F. Patrick Sher under the name of Office Club, but its logo and name were changed to Office Depot in 1988.
The early years: Office Depot was launched with an objective to provide discounted office supplies and stationery items to business owners who wanted to cut costs without losing quality. The store began with only fifteen suppliers – now it has over one hundred – and only ran its operations from two warehouses located in Fort Lauderdale, Florida.
In order for the company's success, however, the prices needed to be thinned down quite a bit more than that; initially they started at 30% below those already set by the market. In 1989, Office Depot's revenue hit $70 million – which was a staggering three hundred twenty percent increase from its 1986 earnings of only $17 million.
In 1992, the company made a decision to relocate to Boca Raton – a move that was considered both risky and bold at the time, since it would mean abandoning their two massive warehouses in favor of a smaller one. This gamble paid off enormously though, as any additional costs associated with transporting goods had been eliminated; not to mention that there were plenty of available workers within commuting distance of this new location since it is located south Florida, an area populated by many retirees.
The first international expansion: The early 1990s saw Office Depot branching out into international territories as well, opening up its first store outside of the United States in Canada. Soon enough they were ready to open their second one, however it ended up being located in Puerto Rico instead due to economic problems that Canada was experiencing at the time.
Over the next decade or so, the company continued growing steadily and expanding across North America until 2006 when Office Depot merged with competitor Staples Inc. This deal was valued at $6 billion which led to them becoming one of the largest employers in both Boca Raton and Fort Lauderdale; they also managed to take over many former locations belonging to their now-defunct rival, thus creating additional jobs for previous Staples employees.
Today: Today Office Depot has more than 1,500 stores (including more than 1,400 in the US alone), which makes it the second largest office supply retailer within America; it has also managed to branch out into Central and South America as well.