We already know that Best Buy (NYSE: BBY) stole Christmas. Those seeking out the antidote -- according to Wedbush Securities analyst Michael Pachter -- should turn their attention to GameStop (NYSE: GME).

Really? GameStop?

In a conversation with Barron's Tiernan Ray, Pachter argues that Best Buy is toast as it can't woo the tech-savvy youngsters who do price shopping on the Internet or use the barcode scanning apps on their smartphones to make sure that they are getting the best deal.

I won't argue with Pachter's assessment of Best Buy, but how does that assessment not sink GameStop as well?

The Internet will be even worse for GameStop, because we're barreling toward the inevitability of digital delivery of gaming software.

For now, GameStop is holding up well. Sales climbed 4% to $1.9 billion in its latest quarter on the strength of positive stateside comps. It also boosted its profit guidance for the holiday quarter last month.

Helping GameStop's cause is that video game sales bounced back last month, fueled by the success of Activision Blizzard's (Nasdaq: ATVI) Call of Duty: Black Ops and Microsoft's motion-based Kinect controller.

GameStop's small-box model appeals to rushed consumers who don't want to deal with the crowds and a typically longer drive to get to Best Buy. The same thesis hasn't done RadioShack any favors in recent years, but GameStop's niche is special. There's a healthy ecosystem of young gamers who continue to trade in their used games for new titles. Selling used games offers healthier margins for GameStop over moving shrink-wrapped titles.

There's a twofold threat to GameStop's gravy, though. On the one hand, digital delivery doesn't leave any used games behind to trade in. Then there's the competitive threat of Amazon.com, Best Buy, and even Toys R Us -- as all three ramp up their efforts to copy GameStop's trade-in model.

These threats won't be too evident in the near term. GameStop should have a monster holiday quarter. However, just as Research In Motion shares are being held back based on an uncertain future -- instead of its current rapid growth -- any rallies in GameStop's stock have been short-lived.

GameStop isn't the long-term antidote to Best Buy's malaise, though it may do well this particular quarter.

Disagree with me? Let me have it in the comment box below.

Best Buy and Microsoft are Motley Fool Inside Value picks. Amazon.com, Activision Blizzard, and Best Buy are Motley Fool Stock Advisor recommendations. Motley Fool Options has recommended a synthetic long position on Activision Blizzard and has recommended buying calls on Best Buy. Motley Fool Options has recommended writing covered calls on GameStop and a diagonal call position on Microsoft. The Fool owns shares of Activision Blizzard, Best Buy, GameStop, and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Longtime Fool contributor Rick Munarriz loves playing video games but he doesn't own shares in any of the companies mentioned in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.