Would You Visit a New Video Store Like Blockbuster?
Back in the golden age of video rental, Blockbuster was the go-to destination for movie enthusiasts. But with the rise of streaming services, the concept of a physical video rental store seems obsolete. If a new store opened up in your city, would you give it a chance, or would you stick to streaming and online rentals?
My Experience with Video Rental Stores
Over the last decade, my preference has shifted from renting to purchasing DVDs and Blu-Rays through trade-in programs. One video store stood out to me with a model that could work in today's market. Instead of the traditional rental model, customers could trade in their DVDs and Blu-Rays for store credit or buy the movies outright.
Trade-In and Purchase Model
In this unique system, all movies were for sale, and the rental model was replaced with purchasing. Upon buying a movie, customers could return it for a refund depending on the release date and the number of days it had been in their possession. For instance, if a movie was priced at $5, a customer could return it the next day for a $4.50 refund. Within a week, the refund would drop to $1.50. After 10 days, the movie became yours, with no refund, but store credit could be obtained if traded in.
Reasonably Priced and Efficient
The pricing model was designed to incentivize customers to trade in their movies, helping the store maintain a good stock turnover. Most titles were reasonably priced despite the trade-in system, with the store using most of its stock acquired through trade-ins. The trade-in value for DVDs and Blu-Rays was about 20% of the shelf price, and this discount increased with each subsequent copy of the same title.
Churning Movies Quickly
The store had a fast churn rate, exchanging dead stock and duplicates with another location. This quick rotation of movies ensured that customers always found a good selection. While I shopped there a few times, the distance made it inconvenient for daily rentals. Unfortunately, the store eventually closed due to the owner's passing, but its model could still be viable if properly adapted.
Hybrid Disc Stores: A Forthcoming Trend?
A hybrid disc store with an excellent selection of titles, not just the usual fifty copies of one title, would certainly catch my interest. However, the idea of a video store exclusively dealing in videotapes is outdated. This concept is like taking a step back in time, as videotapes have long been supplanted by DVDs and Blu-Rays.
Modern Streaming and Rental Services
While the traditional video rental store is passé, there are still ways to satisfy your movie cravings without stepping into a physical store. Streaming services and online rental platforms like Netflix offer a vast catalog of movies and TV shows. For the more niche crowd, specialized stores like NYC's Kim's Videos, Minneapolis's Cinema Revolution, or Los Angeles's Video Archives are perfect for offbeat and cult classics.
With these options available, a new traditional video store may struggle to compete. However, innovative models that merge the best of both worlds could thrive in the modern digital era.