Rapid Refill Ink Opens 100th Store, Poised for Further Growth
September 18, 2007 // Franchising.com // (Chanhassen, MN)---Since its first store opened in 2002, the hallmark of Rapid Refill Ink has been its commitment to doing more by using less. Five years later, this ideal still holds true, but on a much greater level: Rapid Refill Ink's crusade to save has spawned its 100th location.
"This is an amazing achievement for Rapid Refill Ink," said company president Steve Hockett. "Conservation and embracing a recycling culture has always been a top priority of ours and as our company expands, more and more people will be able to share in our mindset."
The milestone store opened on August 17th at 7375 S. Durango Dr. in Las Vegas. Though he had a successful family-owned business in Michigan, franchisee Steve Smarsh elected to leave it behind in favor of pursuing his entrepreneurial dreams with Rapid Refill Ink. The company's 100th location is also its first in Nevada.
"This move was a long time coming but I couldn't be happier with my decision," said Smarsh, 31. "Society today seems to revolve around all things excess so Rapid Refill's commitment to reuse and recycle is a refreshing change. To be able to introduce and grow this concept in Nevada is an incredible feeling." Smarsh has plans to open two additional locations in Las Vegas over the next two years. Until then, the company expects to open two locations in Reno as early as next month.
Rapid Refill Ink is a U.S.-based retailer in the multi-billion dollar ink and toner industry with storefront operations that utilize state-of-the-art technology and equipment to remanufacture cartridges. Overall savings on remanufactured cartridges can be up to 50 percent below those of OEM (Original Equipment Manufacturer) cartridges. The Rapid Refill Ink store database lists 1,000 different inkjet cartridges and 200 models of laser toner cartridges, including refilled and brand name cartridges. Rapid Refill Ink already has signed franchise agreements in place for the opening of approximately 150 locations in the next several years. Its first international expansion is anticipated to begin in the next 12 months. The company is expecting substantial growth from multi-unit franchisees who would each open three to five units over the next five to seven years. Rapid Brands Inc. and its wholly owned subsidiary, Rapid Refill Corp., are traded on the Toronto Stock Exchange (TSX) Venture Exchange under the stock symbol RAP.