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The Keepers: From Helmet Lockers to Circular Economy Infrastructure - An
SME’s Journey Through Internationalization
Sabine Jentjens
ISC Paris, France
Fernanda Arreola
ESSCA, France
Volume 21: 2026, pp. 00-00; ABSTRACT
This case study follows The Keepers, a French small-to-medium-sized enterprise (SME),
from its founding in 2013 through a strategic crossroads in early 2026. Starting as a provider of
secure locker infrastructure in shopping centers, the company pivoted to become a significant
operator of smart kiosk infrastructure for packaging collection and reuse — a critical node in
France’s emerging circular economy. Along the way it experienced a failed international expansion
into Spain and Italy, and gradually accumulated the capabilities, institutional knowledge, and
ecosystem relationships needed for a potential second attempt. The case is designed to help students
develop analytical competences in international business: diagnosing internationalization failure,
assessing competitive position across institutional contexts, developing market entry
recommendations for resource-constrained firms, and formulating strategic recommendations under
uncertainty. Relevant theoretical frameworks include the Uppsala model of internationalization,
Dunning’s OLI eclectic paradigm, Transaction Cost Economics, Institutional Theory, and the
Resource-Based View of the firm.
Keywords: SME Internationalization, Uppsala Model, OLI Framework, Circular Economy.
The Americas + Rest of World
ONLINE PAYMENT.: Open on Volume completion
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