UK retailer blames supermarkets for sales drop
UK retail chain GAME has blamed stiff competition with supermarkets for a large drop in sales.
GAME shares were down a whopping 15 percent, after it was revealed that sales dropped nearly 14 percent in the 18 weeks to December 5th, over the same period in 2008.
Apparently, GAME's 701 UK and Irish stores took the brunt of a 16.6 percent decline.
Price wars over games like Modern Warfare 2 and FIFA 10 are blamed for causing the decline, with stiff competition from traditional retailers proving great news for consumers but tough on stores like GAME. More soon.