We have all been there, popping into a Staples store to grab a last-minute office supply. With the familiar red logo dotting landscapes across North America, Staples seems to be everywhere.
Yet, in a digital age where clicks are replacing bricks, many are left pondering: “Is Staples going out of business?” This is a question that speaks volumes about the current state of retail and the future of our beloved Staples.
Staples has been seen closing many of its stores since 2018, and many are scheduled to be shut down before the end of this year. Because of this, even their most loyal customers are beginning to ask questions about the future of the brand.
Is Staples going out of business, really? Or why is it closing stores? You will definitely find all the answers you need in this post. Just keep reading!
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Is Staples Going Out of Business?
Let’s get straight to this. There have been a lot of whispers lately about the giant office supply brand. Many are speculating that Staple will soon be closing its doors for good. However, the speculations aren’t true. There have not been any official statements from the company stating whether it’s going out of business. So, we can say this is just a mere rumor – Staples isn’t going out of business.
But looking closely at all of this, we will see that the speculation isn’t baseless; Staples did announce the closure of 140 stores back in 2014, and since then, there have been many store closures by the company. Since the pandemic, the company has also been struggling to keep up with the rise in online shopping, so people might have a reason for assuming Staples is going out of business.
But is Staples going out of business? The answer is no! Staples is still very much in operation, selling office supplies and doing everything to better please its customers.
A Closer Look at Staples
Now that we know that Staples is likely not going anywhere soon, we can all have our minds at peace as we keep shopping with the office supply retailer. But for the sake of those who might still have some more questions in their minds concerning the brand, let’s take a deeper dig into the subject.
Let’s begin with what Staples really is. Well, Staples isn’t just any retailer – it’s a destination for everything from pens and paper to furniture and high-tech office gadgets. The brand was founded by Thomas G. Stemberg and Leo Kahn.
And since its establishment, Staples has grown to become a household name, boasting a significant number of stores across North America. With a history of acquisitions and expansions, the company seemed unstoppable. In fact, in 2014, Staples made an effort to help the brand better adapt to the digital age by launching its online platform where customers can easily shop without having to come down to their physical locations.
However, recently, rumors have arisen concerning the brand because of its recent moves to close down multiple stores and sell its European operations. But as we already said, that doesn’t signify the end of Staples. Staples remains a key player, with over a thousand stores across the U.S. as of July 2022.
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So, Why is Staples Closing Stores?
The closure of physical stores is not unique to Staples; it’s a trend across the retail industry. As consumer habits shift towards online shopping, maintaining a large number of brick-and-mortar locations is no longer sustainable.
Because of this, Staples has chosen to close down some of its stores to adjust its strategy to focus more on e-commerce. That includes improving technology and customer service for a better online shopping experience.
How did the COVID-19 Pandemic Affect Staples?
Talking about the recent COVID-19 pandemic, it was a watershed event for many businesses, and Staples was no exception. As offices shut down and the world locked down at home, Staples faced a really challenging time.
On one hand, the pandemic spurred a sudden surge in demand for home office supplies as millions adapted to remote work. Sales of desks, chairs, and computer accessories climbed, with Staples at the forefront to meet these urgent needs.
On the other hand, their traditional, in-store business customers dwindled as large-scale orders from corporations—once the backbone of their sales—slowed to a trickle with the shift away from physical office spaces.
This situation put Staples in a tough spot. The increase in individual consumers seeking home office supplies couldn’t fully compensate for the loss of bulk corporate sales. Moreover, the pandemic accelerated the already growing trend of online shopping, which saw consumers turning to e-commerce giants for the convenience of doorstep delivery.
Staples, while having a significant online presence, faced fierce competition from these online retailers, who often offered lower prices and faster shipping. As a result, Staples had to rapidly adapt, enhancing their online shopping experience and re-evaluating the necessity of maintaining their wide network of physical stores in a world that was shopping from the safety and comfort of home.
Which Staples Stores Are Closing in 2023?
Staples has been discreet about the exact locations of its store closures. The pattern of store shutdowns, including the recent ones in Emporia, Austin, and Framingham, shows a strategic reevaluation of their physical footprint.
But if you really want to know which Staples stores have shut down this year, you may want to check their store locator. It’s there on their website, and you can use that to keep yourself updated on which stores are still welcoming shoppers.
Is Office Depot Also Closing Stores?
Like Staples, Office Depot is not immune to the retail industry’s shifts. They’ve also been consolidating their physical presence, closing down stores to recalibrate their business model towards more profitable avenues.
However, like Staples, these multiple store closures don’t also mean the company is company to the end of its days. Instead, it is a move to adapt to the new market realities.
Will Staples be Going Out of Business Soon?
Since all checkboxes tick green for Staples to remain with us for a much longer time, the next question that could arise in your heart is, ‘Is Staples going out of business in the future?’
Well, based on the current reality of the company, there’s no indication that Staples is on the verge of complete closure. It looks more like a company that will be around much longer to serve its customers, both online and in select physical stores.
So, any rumor you might be hearing about Staples closing its doors soon, you just need to dispel such a rumor – the company isn’t throwing the towel soon!
FAQs
When is Staples Going Out of Business?
There is no indication or official statement suggesting that Staples is going out of business entirely. The company has indeed closed some stores as part of a strategic shift towards online sales and business-to-business services. But it continues to operate both through its physical locations, where they remain open, and its online platform.
Is Staples Closing any Stores?
Yes, Staples has been closing stores. This is part of a strategic move to realign their business model to fit the new consumer shopping habits better. Store closures are also influenced by the company’s focus on enhancing its online presence and the increased demand for online shopping options.
Is Staples Financially Stable?
Staples has shown financial resilience despite the retail sector’s challenges. They have adapted to market changes by focusing on profitable areas of their business, such as their online platform and business-to-business sales. And that is the major reason for closing down multiple stores – to cost down on the cost of running unprofitable outlets.
Can I Still Shop for Office Supplies at Staples?
Of course, Staples continues to serve its customers both online and in its remaining physical stores. Their website offers a broad range of office supplies, and for those who prefer to shop in person, many locations still provide the in-store shopping experience but with a possibly reduced number of stores.
Who is Staples’ Biggest Competitor?
Staples’ biggest competitor in the office supply sector is ODP Corporation, which operates Office Depot and OfficeMax. These brands have been Staples’ main rivals for many years. They have been competing with Staples in both the brick-and-mortar retail space and online sales, as well as in the business-to-business services market.