GameStop has been a part of the gaming industry for a long time. From used games to the latest consoles such as the Xbox Series X and PS5, most gamers have shopped at one of the company’s stores in the past. However, it appears that customers will be able to purchase more than video games and consoles from the retailer in the coming months.
In a recent earnings release, GameStop announced its plans for the future. The largest video game retailer in the world, the company noted that its business decisions are based on two important factors: fulfilling the needs of customers and meeting the expectations of stockholders. It seems in order to realize these objectives, the retailer has decided to restructure its business approach.
As the name implies, GameStop used to focus primarily on selling video games. However, this is changing as the company has revealed its intentions to expand its selection of products. Even though customers will still be able to purchase a number of the most popular games and consoles on the market, GameStop is looking to become more of a general technology company. In order to achieve this, it wants to provide “a wide assortment of products” for consumers to purchase.
As GameStop starts taking steps towards transitioning to more of a general technology company, it is looking to improve other facets of its business as well. These include improving the quality and speed of shipping. In order to achieve this goal, the retailer has created a new facility in Pennsylvania to improve the efficiency of shipping, along with plans to open another next year in Nevada.
Some might have seen this transition to general technology coming from the retailer as it has begun to sell a number of products not directly related to games. Some of these items the company now sells include clothing, cell phones, and a variety of Funko Pops. Furthermore, the company has previously had a subsidiary in the mobile phone industry as well as a division in Simply Mac.
This news regarding general technology comes as GameStop has seen a 25% increase in sales for Q2 2021. According to a recent fiscal report, the profits for the company have increased by over $240 million compared to last quarter. This seems to be good news for the retailer as this continues an upward trend from Q1 2021 where the company had a 25% increase over the previous quarter as well. It will be interesting to see how this recent decision regarding general technology from GameStop impacts sales moving forward.
Source: Yahoo Finance