With all indicators pointing toward the death of physical media, and brick-and-mortar stores along with it, GameStop refuses to go down without a fight.
The latest innovation?
Playing the hits.
The video game retailer announced Tuesday it would be opening “Retro” locations selling refurbished old consoles and games. Though the company has been selling similar products through its website for nearly a decade, the decision to lean into physical locations represents a seismic shift in strategy within an industry that has spent the last 20 years racing to go digital.
THE CLASSICS ARE BACK.
— GameStop (@gamestop) August 27, 2024
New Retro GameStops are now spawning near you: https://t.co/m42FevuQaY pic.twitter.com/79PloFFiOx
The move is clearly meant to capitalize on recent interest in retro gaming among younger generations, which never played the original consoles to begin with.
Similar to the rising popularity of physical media such as vinyl — sales of which are up 30 percent on eBay over the past four years — sales of retro consoles and titles such as the NES and Super Mario Bros. consistently sell for mark-ups of more than 10 times MSRP.
The reason for this can be chalked up to nostalgia for a time many gamers never truly knew and the simple elegance of video games from the 1980s and 1990s.
GameStop’s retro locations will sell everything from more modern products, such as the Nintendo Wii, to controllers for the NES, and a new handheld called the ModRetro Chromatic, which is compatible with Game Boy and Game Boy Color cartridges.
On the heels of the meme stock phenomenon, which garnered the nostalgic brand newfound loyalty among consumers, the company has tested a number of new verticals in recent years. Some, such as NFT projects, have failed to attract much buzz.
But the recent announcement the retailer would begin paying cash for PSA-graded cards (and severely ramp-up its selling in the category simultaneously) has appeared to be somewhat of a success, at least in the early stages.
The most popular retro console currently listed on GameStop’s site is the Nintendo Wii U 32GB Black for $119.99. That is far cheaper than the same console listed on Walmart’s website ($216.66) as well as on Amazon, which also lists the product for more than $200.
Will Stern is a reporter and editor for cllct.