GameStop Closing 120 Stories To Expand Their Mobile Tech Presence: 'The Wireless Growth Opportunity For GameStop Is Only Beginning'

GameStop will be closing 120 stores as the company plans to increase their presence in other mobile tech fields.

Games Industry International reports the gaming retailer is planning to expand their markets by doubling their Spring Mobile and Simply Mac locations. CEO Paul Raines explained it what the next phase for the company during GameStop's 2014 Investor Day.

"Connected devices are forecast to go from $8 billion today to $50 billion in five years...the wireless growth opportunity for GameStop is only beginning," Raines told the crowd, according to GameSpot.

The company plans on opening more than 200 Spring Mobile stores and 20-25 stores Simply Mac. There are currently 6,457 GameStop locations open worldwide.

"Meanwhile, GameStop is expecting to add another 100 to 150 Cricket locations to the 31 it was running at the end of its last fiscal year, potentially quintupling its footprint in the pre-paid wireless market," Games Industry International reports. "Between all its stores, Raines said GameStop is already the third-largest and fastest-growing AT&T retailer in the US."

GameStop is also looking into other new markets to expand their business. According to GameSpot, Raines cited cookware retailer Williams-Sonoma as an example of what the company is seeking out to do with their new business models.

"He also pointed to VF Corporation, which began by making underwear, but now owns Lee, Timberland, Wrangler, Jansport, and a number of other clothing brands. Interestingly, Raines' presentation slide pointed out that VF Corporation eventually exited its original field when the company sold its underwear business to Fruit of the Loom in 2007," Games Industry International reports.

Raines added their buy/sell/trade model will remain an integral part of their business model.

Do you think GameStop is preparing to shift their way out of the gaming retailer industry? Let us know in the comments section below.

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