Staples, once synonymous with office supplies, has strategically shifted its focus to services to stay relevant in the modern retail landscape. The company now emphasizes offerings like printing, shipping, and passport services to attract foot traffic. In a recent move, Staples partnered with Verizon to provide phones, devices, and business-specific services in select stores, aiming to tap into the small business market. This strategic shift comes after Staples faced challenges in the mid-2010s, losing ground to e-commerce competitors and facing regulatory hurdles in a failed acquisition bid.
Following its pivot to a business-to-business (B2B) strategy and acquisition by Sycamore Partners, Staples has been expanding its service portfolio to cater to evolving customer needs. With approximately 945 locations strategically positioned near 90% of the U.S. population, Staples leverages its printing services as a key revenue driver, serving about 1 million business customers annually. The company also collaborates with design platforms like Canva and offers expedited services such as same-day passport photos and TSA PreCheck enrollment in select stores.
Marshall Warkentin, President of Staples U.S. retail, discussed the company’s evolving service-centric approach and growth drivers. Warkentin highlighted the transition from traditional office supplies to a broader range of services, emphasizing the significance of print services for small businesses. Staples continues to innovate, introducing features like print-while-you-wait capabilities and expanding into travel services, leveraging foot traffic from passport services to drive sales of related products like luggage and tech accessories.
Amid shifting work dynamics due to the pandemic, Staples has observed trends in home office setups and remote work. The company’s e-commerce business played a pivotal role during the pandemic, meeting the surge in demand for home office products. As companies navigate hybrid work models, Staples remains a go-to destination for essential services like shipping, printing, and mail handling. The rise of home-based small businesses has also spurred growth in services like iPostal, offering businesses a professional address solution.
Looking ahead, Staples is focused on expanding its tech product offerings to align with evolving customer preferences. While traditionally known for office supplies, Staples aims to position itself as a destination for technology solutions, with laptops, desktops, and tablets emerging as key growth categories. By diversifying its merchandise mix and emphasizing digital tools for work and learning, Staples aims to reshape its brand perception and cater to the evolving needs of its customer base.
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