零售業為最古老的行業之一，然而經過時代變遷，零售業態及經營方式也產生巨大變化，在本研究中，我們特別針對零售業後期發展出的專業化零售領域做探討，此研究問題為後期發展出的零售模式透過實體通路的國際化方式是否還具有競爭力？
從前，零售透過快速國際化拓展市場的方式追求績效，現今消費行為則從實體通路轉移到線上消費。 本研究透過探索性研究，以美國專業零售商歐迪辦公為探討對象，使用歷年股價、國內外實體店面擴張數量與速度、近十年股東權益報酬率(ROE)、資產報酬率(ROA)、每股盈餘(EPS)分析專業化零售的績效表現結果。研究結果得知，專業化零售的實體通路國際化在早期與晚期的國際化拓展績效表現並不一致，尤其是後期的國際化拓展與企業績效無明顯正相關，歐迪辦公因應零售業態4.0，1990年後開始發展線上通路，而多渠道(Multi-channel)卻可能產生通路競蝕，導致實體店面的數量與設計須重新佈局，為爭取消費者，專業化零售的因應對策為進入全渠道(Omni-channel)的經營模式。

Retailing is one of the oldest industries. However, great changes have taken place in both retail and business. In this research, we specifically discuss the retail industry after 1990. The research question is as follows: whether retailers still have a competitive advantage through the expansion of their bricks and mortar while internationalizing?
In the past, retailers pursued performance through the rapid internationalization of market expansion. However, a consumer shift has occurred from bricks and mortar to online business in the past decades. This research, by means of exploratory research, examines the US office supplies specialist Office Depot as the research case, and uses the historical stock price, the number and speed of store expansion at home and abroad. The return on shareholders' equity (ROE), return on assets (ROA) and earnings per share (EPS) are employed as the performance in this thesis. The result shows that the internationalization of specialized retailing is inconsistent with that of in the early stage and late stage. In particular, there is no obvious significantly positive correlation between the international expansion of the later stages and the performance of enterprises. Office Depot has started developing its online channel. Multi-channels may lead to cannibalization. In order to win the trust of consumers, category specialist retailers are suggested to use the Omni -channel business model as their strategy.

ChapterⅠ Introduction 1
1.1 Background 1
1.2 Research Purpose 4
1.3 Research Process 6
ChapterⅡ Literature Review 7
2.1 Internationalization Theory 7
2.2 Retail Internationalization 12
2.3 Path of Internationalization 14
ChapterⅢ Research Method 17
3.1 Sample and Information Collection 18
3.2 Office Depot 20
Chapter Ⅳ Case Analysis 35
ChapterⅤ Conclusion 43
5.1 Conclusion Research 43
5.2 Implications and Recommendations 46
References 49
Appendix Selected Financial Data Office Depot 1995-2016 57

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