Virtual Shopping

    • GameStop is set to close up to 450 stores this year.
    • This article was first published in the FOS Daily Newsletter. Subscribe here.

Today's Action

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GameStop’s second quarter earnings report continued to prove out the growing trend of e-commerce. The retailer reported an 800% increase in online sales. 

It was a lone bright spot as GameStop was coming off an underperforming first quarter and didn’t meet second quarter analyst expectations. Now, the company has increased the number of stores it’s slated to close this year from 300 to up to 450. Even more closures are expected in 2021.

A rapid rise in industry-wide digital sales has increasingly made GameStop’s 5,122 global stores obsolete:

  • 2009: Digital sales made up 20% of video game sales.
  • 2018: Digital sales made up 83% of video game sales.

Notable Reports This Week: 

9/15: Manchester United

9/16: Take-Two Interactive (annual meeting of stockholders)

9/17: Nike (annual shareholders meeting)

9/18: Juventus