Grapevine, Tex.-based retailer GameStop already has over 5,000 stores worldwide, but there"s still "plenty of room ... for new store openings," one analyst says.

Colin Sebastian with Lazard Capital Markets said in a Monday investor note, "We believe GameStop continues to generate positive and steady [return on investment] on new stores despite increasing penetration in North America and in some international markets."

He added, "Moreover, the company expects to maintain the current pace of approximately 500 new store openings annually over the next three to four years, with capacity in the U.S. estimated to be 50 percent higher than current levels."

The company currently employs over 44,000 full-time employees.

GameStop is continuing to expand outside of North America, establishing stores in Australia and Europe.

Sebastian also addressed digital distribution, a trend that, in the most extreme case, would cut retailers out of the revenue loop.

He said that digital distribution is a "longer-term threat" to GameStop. "...Over the next two to three years we believe the bulk of online distribution will be add-on content enhancing the experience of games purchased through the traditional retail channel."

Sebastian currently has a "buy" rating and a $61 price target for GameStop stock. Shares were down 36 cents to $39.47 in late morning trading on the New York Stock Exchange.