GAME Group Blames 'Lack of Blockbuster' Titles for Bleak Forecast

Just because EA is opening bricks'n'mortar shops doesn't mean that retailing games from the High Street is an easy business. Just ask the Game Group.

The UK retailer, which also owns and operates GameStation, has just announced that it is to cut its full-year sales forecast.

According to the FT, "A dearth of new console launches, combined with a lack of blockbuster video game releases, would push down full-year revenues at the retailer by as much as 3 per cent on the previous year."

Game, also announced that, “the total market will be down around 10 per cent year-on-year, compared with the previously anticipated revenue decline of 5 per cent”.

Ian Shepherd, Group CEO, remains upbeat though, stating that, “We are seeing early results from the strategic initiatives that we outlined in February, even though the video games market has been more challenging than anticipated this year.

"The pipeline of new hardware and software which has been announced for 2012 and beyond is encouraging, and our strategy is designed to strengthen our leading position and drive growth as the market transitions and evolves over the next five years."

However, he also states that, “The consumer market remains challenging, until we see some of that new hardware.

"We are very much managing the end of the previous hardware cycle."

Sources:
Game Group
FT