Office Depot Inc.
opened its first Caribbean store in Santo Domingo under a franchise agreement with Benmore International and plans to open three more Dominican Republic stores in 2012.
Several retailers have expanded internationally to spur growth as discretionary spending in the U.S. struggles with persistently high unemployment and an uneven U.S. economy.
“We’ve had considerable success with our franchise model in the Middle East,” said Ernst Wessel, vice president and managing director for Latin America. “We believe that the Office Depot business is particularly suitable and attractive as a franchising concept for certain territories and we are actively looking to grow this part of our business in a number of overseas markets.”
The office-supplies retailer said it plans to expand throughout the Caribbean in addition to its operations in various Central American countries and Puerto Rico.
Office Depot reported in July its second-quarter loss widened as sales at its North American retail division–its largest business–fell 1.8%, though international sales rose 6%.
View more information: https://www.marketwatch.com/story/office-depot-opens-first-caribbean-store-2011-09-01