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Enticed By Opportunity, Office Depot Inc (NYSE:ODP) Expands Presence in Fitness Devices

Boston, MA 01/17/2013 (wallstreetpr) – Office Depot Inc (NYSE:ODP) could be a major office supplies company, but that has not stopped the company from expanding its products line-up outside the usual office items. The company has just introduced three new devices to expand its health and fitness products targeted at office workers.

The new products are identified as Striiv, Scosche and Smart Pedometer. Perhaps before talking much about what Office Depot Inc (NYSE:ODP) is doing of late, note that the company is trying to make its new line of products cheaper to beat competition. None of its new products exceed $99 in price and this is a strategy that will no doubt upside rivals.

On to the new devices, ODP’s VP merchandizing and new product acquisition Tom Lee noted recently that the aim of the company is to offer an assortment of wireless products that allow professionals to remain productive everywhere. Perhaps the company has realized that helping employees stay healthy is part of its calling and it’s doing things to boost revenue as well.

Marketing health devices

The newly released health and fitness line of products announced by Office Depot Inc (NYSE:ODP) will be available in the company online and brick and mortar stores.

A number of retail stores are currently offering health devices as the sector looks lucrative for profits due to high profit margins and increasing demand. A case in point is Bust Buy Co. Inc (BBY), a store widely known for electronic items that is now offering health tracker devices in more than half of its stores in the U.S.

Move into digital health tracker device offering can also be seen in stores of Target, Verizon (VZ), Apple Inc (NASDAQ:AAPL) and AT&T Inc (T).

Competition

There is no secret that office supplies business has turned red-hot as competition intensifies. Perhaps this is better captured by the recent merger of OfficeMax and Office Depot to mitigate competition. It is in efforts to expand revenue beyond the traditional sources that is pushing Office Depot Inc (NYSE:ODP) and other office suppliers to expand into health sector within the scale of office.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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