Monday, August 30, 2010
[News] Best Buy enters the used games market
After several months of testing with a few select stores, Best Buy opened its doors to buying used games yesterday. 600 of Best Buy's stores will be accepting used games from a list of over a hundred different games, and every week they will have an 'ad special,' where they mention 2-3 games in their ad that they will buy and you get not only the turn-in price, but a gift card as well.
They originally had commented on the possibility after Target announced their plans to enter the retailing of used games, and had already been accepting trade-ins on their website. With the entrance of these retail giants to the used games business model, will the original entrants like GameStop be able to keep up? They believe so. With $570.8 million in gross profit from the quarter ending on May 1st, and 48% of that coming from used game purchases, one can only assume their business won't be affected too badly as the new comers try to take a piece of the pie.