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Coinstar to Expand Centers In Wal-Mart Locations
Redbox DVD Kiosks Will Also Expand
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BELLEVUE, WA (February 7, 2008) - Coinstar, Inc. (NASDAQ:CSTR),will reset and optimize Wal-Mart store entrances according to a new agreement. Coinstar will also add new product offerings to enhance the customer experience at the front of the store. The company said that the expansion of Coinstar Centers in Wal-Mart represents a transition out of the test phase into a strategic roll-out.
The announcement said that Wal-Mart also intents to have over 3,000 Redbox DVD rental kiosks in the United States over the next 12-18 months. Redbox is currently installed in over 800 Wal-Mart stores, and Coinstar coin-counting machines (Coinstar Centers) are installed in over 400 Wal-Mart stores in the United States, according to the announcement.
"We are very excited to expand our relationship with Wal-Mart," said Dave Cole, Chief Executive Officer at Coinstar, Inc. "In teaming with Wal-Mart to develop concepts for resetting store entrances, we believe we create a win-win situation. Wal-Mart enhances convenience at the front of the store while providing consumers with a positive experience, and for Coinstar, we have the opportunity to further our relationship with Wal-Mart."
Coinstar Centers and Redbox DVD rental kiosks are services that Coinstar said meets the needs of busy consumers. Coinstar Centers are self-service coin counting machines that allow consumers to turn loose change into cash. Redbox DVD kiosks provide the latest movie releases at $1 per night, plus tax.
Source: Coinstar, Inc.
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