The holidays are a time for loved ones, good food, and maxed out credit cards — and GameStop wants to help you accomplish at least one of those.
The gaming retailer announced today that it expects to exchange $250 million either in store credit or cash to people who trade in their games. GameStop points out that many people will sell their old games to help them make purchases for the gift-giving holidays. Of course, you can also trade in old phones and tablets at GameStop. Console game spending reached $93 billion last year, and the fourth quarter is the biggest contributor to that. Getting shoppers into the store to sell their old games and electronics will help the retailer maximize its chances of capturing a large chunk of that revenue.
“GameStop offers the best value and the most options to holiday shoppers this season,” GameStop senior vice president of pre-owned operations Jason Cochran said. “For example, there is significant untapped value in the unused electronics many of us have on hand.”
GameStop’s research finds that many families have three to five older devices worth between $200 to $500 sitting around their homes. The company is also paying more than $20 for 100 different games.
“Selling us your preowned games, consoles, and consumer electronics gives you extra currency to apply to your gift buying budget,” said Cochran.
To further facilitate and encourage holiday spending, GameStop is also pushing a number of other ways that customers can pay. This includes the GameStop credit card and a layaway program.
The credit card in particular is a big product for GameStop. The company is pushing it heavily on people making big purchases. It is also offering special financing where you can avoid interest if you pay off a purchase of $250 or more within six months.
“The holidays are all about joy, spending time with friends, and giving gifts to loved ones. It should not be about stressing over how to pay for this year’s holiday wish list,” GameStop senior vice president of merchandising Bob Puzon said. “By offering savings through these programs, GameStop is helping make it more affordable and simple for gift-givers to spread a little extra joy this holiday season.”
While GameStop dominates the gaming-specific retail space, it will face competition from bigger stores like Target and Walmart. Those brick-and-mortar locations will likely have their own deals to attract game spending. GameStop will also have to struggle to keep people from going online to sites like Amazon.