- Jul 31, 2021
Once, there was a GameStops! – soon we are going to hear that. Recent news which is running in Gamer’s world is – sealing of 150 GameStop stores and the reason is boon for Gamer’s but curse for GameStop retailers. The retailers made an announcement that about 2 to 3 percent of 7,500 of GameStop throughout the world is shutting down. The Wall Street Journal, the report states that the company has suffered due to the increase of “digital downloads.” With the modernization of the internet, Gamers now prefer to install their favorite games from the online store and the company’s sales fell by 14 percent in 2016. This got worse in vacation as its sales dropped 19 percent at the same time the company share also dropped by about 12 percent.
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The video game retailer didn’t say anything about which store is going to shut but probably it is US stores which are affected the most. Now onwards, the retailers will start increasing its “non-gaming businesses”. They are planning to open 35 more stores by this year, and the total number of locations to be 121. Apart from their core business, the company is doing much better in collectibles division – that means its sales were increasing by 59.5 percent in 2016, and their expectation is to make their sales increase by another 30 to 40 percent this year.
This is not “the end” of gaming business but they are coming back with the latest generation of gaming consoles, especially the Nintendo Switch can help in gaining its charm. According to Chief Executive J. Paul Raines “The Switch has provided a dramatic lift in traffic in stores and has real potential to be Wii-like in its ability to expand the gaming category from the core to broad audiences.” Nintendo is a hybrid Gaming console and it also has fastest-selling ever, with that their plan is to X2 the production to almost 16 million units for 2k17, good news for GameStop. As its doing, better from previous, the retailer will not publish its “quarterly financial status” to “reduce investor distraction.”