Banner Top
As seen in the Source link, written by realestatesource.com.au on 2020-01-09 18:14:25

GameStop intends to open more Australian ZiNG stores this year. ZiNG sells pop culture products alongside games.

The Dallas-based owner of video entertainment chain EB Games intends to close 19 of its 300-plus Australian stores by the end of the month.

GameStop – the world’s biggest video game retailer – sent suppliers emails overnight confirming the news.

Gaming website kotaku.com.au broke the story with this item.

News of which stores will close have since been followed up
in more detail by media outlets including ozbargain.com.au,
businessinsider.com.au and news.com.au.

“Like all businesses, we are constantly evaluating our
property portfolio to ensure that our stores mix is in-line with the ever changing
retail landscape,” an EB Games statement said.

“After careful consideration, we will be closing 19
unprofitable stores at the end of January”.

The retailer added that it this year plans to open more large format ZiNG stores – which sell pop culture products.

Which stores will close?

Twenty stores have recently been removed from EB Games’ Australian
website, including:

In the Australian Capital Territory, at Majura Park

New South Wales: Birkenhead Point, Blacktown, Inverell, Rockdale, Tamworth and Winston Hills

Queensland: Bribie Island, Cleveland, Inala, Lutwyche and Underwood

South Australia: Adelaide City Cross, Brickworks, Hallet Cove and Harbourtown

Western Australia: Dianella and Kalamundra

Victoria: Dandenong, Docklands and Hamilton.

As well as the EB Games outlets, GameStop trades from 80 Australian ZiNG Pop Culture outlets.

The company reiterated that it plans to expand the six-year old ZiNG brand nationally this year.

“These hybrid [Zing] stores, combined with our strong omni-channel offering, six million loyalty members and 300-plus locations across Australia, will see EB Games continue to be one of Australia’s largest speciality retailers,” the statement added.

In Australia, ZiNG Pop Culture, like EB Games, is headquartered in Brisbane.

GameStop resetting after 2019 share price crash

GameStop’s share price collapsed last year – by 13
per cent in one hit
, nine months ago, 30
per cent as at June
and 57
per cent by September
.

The company was under temporary management for much of
that time.

Interestingly, shares
spiked
about 29 per cent in December as the company embarked further on its
rebound plan.

According to this
item
by investment research website themotleyfool.com, “video game software
and hardware sales collapsed under the weight of a console transition and the
continued move toward digital purchasing”.

Comparable store sales plunged 23 per cent in the December quarter and 12 per cent for the previous three month period, it added, of the parent.

The opening of a large-format EB Games/ZiNG Pop Culture outlet at Stockland’s Bundaberg Shopping Centre in September, 2018.

Share or Recommend article

About Us

The ReReport aims to continuously bring you exclusive content as well as stories from your favorite news sources for all things property.

 

Our mission is to create dialogue through important topics and current affairs that not only keep people informed, but also inspire them to engage, learn and usher in a better tomorrow.

Contact us

Get Latest Updates