Wal-Mart Stores Inc. (WMT), the world’s largest retailer, will begin offering customers store credit for used video games at its U.S. locations as it seeks to reignite growth in its home market.
Customers who trade in games will receive credit that can be used on any kind of merchandise at Wal-Mart and Sam’s Club locations and the chains’ websites, the Bentonville, Arkansas-based company said today in a statement. The retailer will begin accepting trade-ins on March 26, and customers will be able to buy pre-owned video games later this year.
Wal-Mart is working to turn around four straight quarters of falling same-store sales at its namesake U.S. locations as lower food-stamp payments and higher taxes weigh on its shoppers. The company said last month it would accelerate the expansion of its smaller-format locations.
Wal-Mart rose 0.1 percent to $74.77 at the close in New York. The shares have dropped 5 percent this year, compared with a 1.3 percent advance for the Standard & Poor’s 500 Index. GameStop Corp. (GME), which operates more than 6,600 video-game stores in 15 countries, slid 3.4 percent to $38.39.
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