Gamers, get your game face up! Wal-Mart Stores are proposing to owners of old video games, such as Call of Duty, to trade in these games in exchange for store credit - not cash - that can be spent on other items.
The company is expected to announce on Tuesday that the trade-in program will begin on March 26 in more than 3,100 Wal-Mart stores nationwide, according to the New York Times. The program will become available in Sam's Club stores as well.
Net income of the company recorded in the most recent fourth quarter showed a 21-percent drop, along with a low forecast for 2014. With video game trade-in program, Wal-Mart aims to expand ways for the company to increase revenue as many of their low-income consumers are still navigating the sluggish economy. The retailing giant also said it can fuel sales of new items by giving a new currency to its consumers in the form of their old buys.
"We see this as an opportunity not only to grow our total market share, but to provide access to customers where they may not have had it before," said Duncan Mac Naughton, chief merchandising and marketing officer of Walmart U.S., in a conference call with journalists.
The trade-in also signifies a major move by the company into the profitable business of gaming. "Gaming continues to be an important business for us and we're actively taking aim at the $2 billion pre-owned video game opportunity," Mac Naughton also said.
CE Exchange will take charge of this new video game trade-in program of Wal-Mart. It is the same company that partnered with the retailer for their earlier trade-in program for tablets and smartphones.
A report by abcnews.go.com said the value differs for each traded-in video game, as it will depend on the title, age of the game, and console. It can be anywhere from a few dollars to $35 for older games and perhaps much higher amounts for newer ones.
There are other retailers that offer such trade-ins - whether for store credit or cash - such as Best Buy, Amazon, GameStop, and Target. What differentiates Wal-Mart from the rest is one can use the in-store credit for buying non-gaming items such as food and clothing, said Mac Naughton.
Wal-Mart clarified that it will only accept games, not hardware, but provided these games come unscratched and not damaged beyond repair. These games will be refurbished via a third-party company and will be sold later at stores and online labeled with "certified pre-owned" on packaging. Expect the availability of a solid inventory of secondhand games this summer.
