Texas Based ‘GameStop’ Announces Store Closings
We've all been there at one time or another. When we've conquered a video game, there's no reason to keep it around, so we go to GameStop and trade it in. Well, some of us might be losing that ability.
CNN Money has announced that more than 100 GameStop retail locations will be shutting down. The stock price has dropped 31% over the last year.
With over 7500 store locations, that's not that big of percentage, but that's not the point. This is just yet another indication that the "Brick & Mortar" stores have got to find a new business model to compete with online sales.
GameStop had a bad holiday season last Christmas. CEO Paul Raines said in a statement that "...the biggest names in gaming have not updated their consoles in a while."
There is one bright spot for GameStop. Their non-gaming brands, like Spring Mobile, as well as sales of pop culture collectibles are up, and the company suggested that they may focus more on those items.
They might want to think about changing the image as well. Personally, since I'm a first generation gamer, and let's be honest, we're getting old, it feels kind of creepy to go into the store to trade in games. Somehow we're supposed to feel weird, or ashamed to be close to 50 and still enjoy playing video games?
A list of the stores that will be closing will be released at a later date.