1/ GameStop is one of the most fun businesses to study for both its success and failure.

Relative to other specialty retailers, it dominated up until the financial crisis, but has since done very poorly.

But unlike Tower Records or Blockbuster, it is still in business

2/ Thanks to the tailwind gaming has provided, its revenues have grown long-term but EBITDA and margins have been terrible as the gaming world has digitized over the past 5 years.

3/ As I learned in @joosterizer book One Up, their early physical retail edge rested on counterpositioning: doing things Walmart and others couldn't:

1. Accessibility
2. Deeply trained expert staff
3. Tailored loyalty program
4. Custom inventory management for used game sales

4/ Accessibility

There are 5,500 GameStop stores, often more than one in the same mall (mostly because of EB acquisition). Can always find one.

They install ramps--not for wheelchairs, but for strollers because parents are the real buyer

5/ Trained Staff

As @joosterizer told me recently, try to go into a GameStop and stump a staff member. They can help you navigate much better than a generic retail employee. Creates loyalty and trust that wouldn't be possible if they didn't just focus so specifically on games.