In the mid-1980s, people wanting to buy office supplies had to rely on two types of shops: stationery stores and suppliers. Stationery stores had limited options while suppliers charged premium prices, which was financially damaging to small business owners and general consumers. On July 4, 1985, business executive Tom Sternberg, finding himself unable to acquire a necessary printer ribbon, decided to develop a store dedicated to discount office supplies.
May 1, 1986, marked the introduction of Staples, Inc.’s first outlet. Opened in the Brighton neighborhood of Boston, it became an instant success and inspired many copycat firms. Over the past 15 years, the company expanded significantly and acquired the naming rights to one of the most popular arenas in Los Angeles. Today, Staples operates out of 25 countries and garners $24 billion in sales.
About the Author:
A Limited Partner with the Miami Heat, Raanan Katz is the owner of RK Centers, a privately-held real estate development firm responsible for maintaining over 6 million square feet of commercial property. With complexes across the country, Katz created RK Building in Dedham, Massachusetts, which features a Staples store.