GameStop is unlikely to be a well known brand in the UK and will need to invest heavily in marketing (and promotional activity) to gain traction, particularly since it has no stores. We need to wait and see how much disturbance this can cause to the UK market - activity at launch is unlikely to be representative of longer term positioning relative to Game and other online players. How much traction can Gamestop gain by Christmas this year? Picking up on commentary in the trade press, we think that the there has not been any material pick-up in the UK games market since we last heard from Game on 15 June. Game needs both a market pick-up and its outperformance versus the market to improve in order to meet market expectations. We think the pressure on performance over Christmas is increasing. As a result, he repeated his sell rating on Game. The retailer's shares are currently 2.25p lower at 26.75p.