A year removed from its meme-fueled retail trading craze, GameStop has appointed Nir Patel as its new COO, effective May 31, 2022.
Patel fills a void left by Amazon veteran Jenna Owens, who was ousted from GameStop in October 2021, just seven months after she joined the Texas-based company.
Since Owens was forced out, her duties have been split among other executives. When Patel enters the picture at the end of the month he will likely reassume all of Owens’ previously delegated functions, which include oversight of business intelligence, fulfillment, supply chain and store operations.
Patel, brings decades of experience in senior management roles at prominent international brick-and-mortar retailers and a deep experience with merchandising, supply chain and store operations.
Most recently, Patel was the CEO at Belk, a privately-owned national retail chain. He previously spent four years as an SVP at Kohl's and a VP at Lands’ End. He also worked in merchandising at Abercrombie & Fitch and Gap and spent time as a buyer at Target.
Patel joins GameStop as it looks to become a more digital business on the heels of Chewy founder Ryan Cohen’s take over of the company in 2021. However, GameStop has no plans to scrap its global network of more than 4,000 stores, meaning Patel’s background will be put to good use in leading its traditional retail operations.
Since Cohen became the company’s chairman in 2021, GameStop has launched several digital-only offerings such as an NFT marketplace, and also has plans for integrating blockchain and Web 3.0 technology into its business.
Last year, GameStop generated just over $6 billion in net sales, up from $5 billion in 2020. However, in 2022 the company’s continued growth faces headwinds as communities are easing COVID-19 restrictions, meaning customers may soon spend less time in front of screens and buy fewer games.
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