Have any used video game titles you want to trade in? Well starting March 26th 2014 the mega-giant Walmart is going to start to get into the used video game trade-in business.
Walmart is going to offer gift cards for used video games; these gift cards will be valued between a few dollars to thirty-five dollars. The gift cards will not be able to be traded for cash, but will be able to be used for any items in the store. The game consoles that they will be taking game trade for are old Playstation, Wii, and Xbox.
Walmart states there are still nearly a billion pre-owned video games sitting in homes across the country. It believes jumping into video games makes sense now, since the store is doing iPhone trade-ins as well.
This may be bad news for the used video game leader GameStop, but GameStop’s chief executive Paul Raines says he isn’t intimidated by the new player as he feels that their customer base is solid. Although with the news that Walmart was starting this program GameStop’s stock dropped 5%.
Now Walmart tried this in 2000 with trade-in kiosks but it failed, so they are giving it another go.
Only time will tell if Walmart will able to take over the multi-billion dollar used video game market, but if history is an indicator of the future then GameStop’s days are numbered as Walmart has a habit of crushing the completion.