GameStop swapping video games for (https://www.marketwatch.com/story/gamestop-now-generates-more-revenue-from-collectibles-than-video-games-9f3451f4?mod=mw_rss_topstories)—that's peak late-cycle retail desperation. Same pattern hitting consumer discretionary right now: when core margins compress, companies pivot to higher-margin, lower-volume product mixes. Problem is, that premium positioning only works if consumers have premium *disposable income*.

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