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Walmart To Enter Used Video Game Buisness
Following in the footsteps of GameStop, gamers can now start trading in their used games at Walmart starting on March 26. These used games will start being sold to the public later this year. The process is somewhat similar to how GameStop operates, you just need to bring in your used game with the original packaging to any of the 3,100 Walmart stores across the country. An employee will scan your game, determine its value, and hand you a credit voucher that can be used in any Walmart or Sam’s Club both in store and online. You trade-in will then be refurbished and sold “later this year.” However, unlike GameStop, Walmart won’t offer cash for your games. The store won’t accept hardware as well.
“Gaming continues to be an important business for us and we’re actively taking aim at the $2 billion pre-owned video game opportunity,” Duncan Mac Naughton, chief merchandising and marketing officer for Walmart U.S., said in a press release. “When we disrupt markets and compete, our customer wins. They’ll save money on video games and have the flexibility to spend it however they want.”
As expected GameStop’s shares have fallen by 4.53 percent to $37.95 a share following Walmart’s announcement. But according to Sterne Agee analyst Arvind Bhatia, those who are looking to invest in GameStop shouldn’t worry. Bhatia specifically cites Best Buy, Target, and Amazon as companies who have all attempted to enter the used game market, but have largely failed.
“It makes sense and feels natural that various retailers that offer new video games would try to offer trade-ins as well. However, as many retailers have discovered in the past, buying product from merchants in bulk is quite different than buying 1 disc at a time from customers,” Bhatia said.