GameStop Corp.'s stock jumped on Monday amid reports that the video game retailer and sometime meme-stock darling is planning to revamp its membership rewards program. The company's shares surged 8% in early trading, reaching $25.02 per share before settling at $23.27 by the end of the day. So far this year, shares of the video game retailer have been trading based on business news, rather than on meme-stock speculation.
GameStop's plans to revamp its membership rewards program come as the company seeks to capitalize on renewed interest in gaming during the COVID-19 pandemic. The company has struggled in recent years as gamers have shifted from physical media to digital downloads, but it has seen a resurgence in interest thanks to the pandemic.
The company's new membership rewards program is expected to offer discounts on games and other products, as well as exclusive content and early access to new releases. GameStop has also been investing heavily in its e-commerce capabilities in recent months, in an effort to better compete with digital retailers like Amazon.