DELRAY BEACH, FL-Office Depot is accelerating its store-opening and renovation plans, as the retailer posts solid financial results during its third quarter. “We believe we can double our store count from where it sits today,” said Chuck Rubin, president of North American Retail, during Office Depot’s quarterly conference call.

During the third quarter, which ended Sept. 30, the company opened 50 stores, bringing its total to 1,121 in North America and its number of openings to 76 units so far this year, on the way to 115 by the end of December. Next year executives plan to open 150 stores, followed by 200 in 208.

On the renovation front, the retailer revamped 64 stores during the quarter, on its way to between 165 and 175 facelifts for the year. Executives say they expect all of the stores in their portfolio to be updated in the next two years. Between new stores and renovations, Office Depot is planning $425 million in capital expenditures this year and an additional $600 million to $700 million over the next two years.

Overseas, where it has 323 stores, Office Depot is still considering acquisitions, says Steve Odland, the company’s chairman and CEO, explaining that the company intends to “increase our geographic reach” in Europe. Office Depot also has operates in China, Japan and South Korea.

Same-store sales during Office Depot’s third quarter were up 3% year over year. Total sales were up 10%, reaching $3.9 billion, and net earnings were $133 million, compared to a $46-million loss during the same period a year ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.