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GameStop's Silent Store Closures Spark Concern
GameStop is quietly shutting down numerous US stores, leaving customers and employees reeling. The closures, often announced with little or no warning, represent a significant decline for the once-dominant video game retailer. While GameStop hasn't publicly acknowledged a widespread closure initiative, social media platforms are abuzz with reports from both customers and employees detailing recently closed or soon-to-be-closed locations.
This downturn reflects a broader trend. Once boasting over 6,000 global stores and $9 billion in annual sales (in 2015), GameStop's physical presence has shrunk dramatically. According to ScrapeHero, the company has lost nearly a third of its stores in the last nine years, with approximately 3,000 remaining in the US as of February 2024. This decline is largely attributed to the shift towards digital game sales.
Following a December 2024 SEC filing hinting at further store closures, anecdotal evidence from customers and employees on platforms like Twitter and Reddit has flooded in. Many express disappointment, highlighting the loss of convenient, affordable options for games and consoles. Employee accounts also paint a picture of internal struggles, with reports of demanding performance targets as management decides which locations to retain.
The Ongoing Decline of GameStop
The recent closures are just the latest chapter in GameStop's ongoing struggle. A March 2024 Reuters report painted a grim outlook, citing a 20% revenue drop ($432 million) in the fourth quarter of 2023 compared to the same period in 2022 and the closure of 287 stores in the preceding year.
Over the years, GameStop has attempted various strategies to combat its declining customer base, including expanding into merchandise, phone trade-ins, and even trading card grading. The company also benefited from a surge in interest from amateur investors in 2021, a phenomenon documented in the Netflix documentary Eat the Rich: The GameStop Saga and the film Dumb Money. However, these efforts haven't been enough to stem the tide of store closures and the overall decline of the company.
