Never a dull moment in the video industry, be it movies or games. With the advent of such services as Netflix and Redbox, Blockbuster hit rough times and is filing bankruptcy, while brick-and-mortar giant Best Buy is scrambling for a sales gimmick.
In the age of ADHD, people are quickly tiring of their video games and wanting to try something new. Best Buy is ready to take advantage of the restlessness of the current generation. Trade in your old game and they?ll give you a gift card to use in the store or on line. As an incentive to kick start their new program, this Sunday, August 29, if you bring in specific titles they?ll even kick in an extra $20 gift card towards specific titles.
One VP of Best Buy?s Home Entertainment Group concealed their real intent ? to bring more consumers into their stores ?behind the following statement: "The expansion of our trade-in program reaffirms our commitment to consistently pursue new ways to bring a better gaming experience to consumers." They are competing with a similar trade-in program instituted by Target. Both are now competing with GameStop, a gaming retailer that garners 31 percent of its sales from selling used games.
Blockbuster has 3,000 games and 95,000 movies you can either rent, buy, or download from their website, including the latest DVD and Blu-ray movies. Still, it hasn?t been successful in finding ways to keep consumers coming through its doors, and may close 500-800 of its retail outlets. The LA Times reports that Blockbuster is planning to file a Chapter 11 Bankruptcy while trying to restructure debts of almost $1 billion. The bankruptcy will enable the company to get out of leases where the store is not profitable. A similar situation hit Hollywood Video which is closing its remaining stores. Makes you wonder if Blockbuster can stay afloat after it jettisons several bad locations.