Are your old video games gathering dust? Trade them in for gift cards at Walmart.
The world’s largest retailer is rolling out a new video game trade-in service next week at 3,100 Walmart stores nationwide. It’s an expansion of its online electronics trade-in program, The Huffington Post said.
Gamers will receive Walmart gift cards as trade for their games. The cards can be used at Walmart and Sam’s Club stores, as well as online.
Game trade-in value is based on title, console and age, with prices ranging from a couple of dollars to up to $35 for newer games.
This new venture will put Walmart in direct competition with GameStop, “the world’s biggest dedicated seller of video games with the largest and most-established video game trade-in program,” according to HuffPo.
GameStop’s stock dropped 3.1 percent to $38.30 after Walmart announced its new used video game program.
Gaming customers can use the Walmart store credit on anything in the store. It appears to be a win-win for Walmart, HuffPo said.
The trade-in business is appealing for a retailer: When a consumer buys a new video game for $60, only a small portion of its sale price goes to the company. But when a consumer turns around and sells that game back to the company, the company can keep all the profits for itself.
Bloomberg says the $2 billion pre-owned video game industry is expected to grow this year, as new game consoles are sold, leaving stacks of outmoded games.
Walmart plans to refurbish the video games and sell them later this year online and in stores.
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