It has been revealed that Blockbuster is going to be shutting 960 stores in order to stay operational. Blockbuster did an analysis of all of its major stores and decided to axe the unprofitable ones.
It was only a matter of time. I don’t know about you but unless Blockbuster strikes a major deal with another company in the near future, it’s going to go out of business.
Blockbuster is facing fierce competition in the form of Netflix and newcomer Redbox. Netflix is finding success in both it’s online rental and on demand movies while Redbox is ever expanding with it’s $1 rent a day movies at major venues which include McDonalds and Walgreens and will soon to offering $1 rent a day for video games. Blockbuster has failed to keep up with the competition and is slowly paying the price.
The last time I walked into a Blockbuster store, I could spot about 5 people in the store. The last time I went to check out a Redbox kiosk, I thought I accidently walked into a theme park with people standing in long lines.
Will Blockbuster take the route of Circuit City and vanish? We’ll wait and see.