“The most well-designed liquor stores allow customers the ability to easily navigate your shop and quickly find the products they’re looking for.”
Like most businesses, opening a new store takes a tremendous amount of work and contains a considerable amount of risk. The liquor industry is no exception. There are many factors that business owners must be aware of in order to open and operate a profitable liquor store in 2020.
In fact, increased competition has taken place in the form of convenience stores. In the March 2019 issue of NACS (National Association of Convenience Stores) Magazine, an article highlights that average per-store sales of liquor have increased by 11.8% in convenience stores.
As consumers find greater value in purchasing liquor at their local convenience store, the need for liquor store owners to deliver an exceptional in-store experience has never been more important. From store layout to events, here are four liquor store ideas for opening a profitable liquor store.
Create a Layout Designed for Merchandising
Our number one tip for a profitable liquor store is a well-designed store layout. The placement of your retail store fixtures can make or break your business. The most well-designed liquor stores allow customers the ability to easily navigate your shop and quickly find the products they’re looking for.
Take advantage of end unit shelving to highlight your most popular and profitable products. Wall unit shelving provides retailers the flexibility to the merchandise along the entire perimeter of the store and helps maximize profitability by displaying large amounts of inventory in the front of your liquor store. The placement of your retail sales counter plays a vital role in the success of your business, too. Think about where you want to place your checkout counter and how it compliments the flow of your layout.
Merchandising also plays a critical part in your overall store layout and design. Along with displaying your products so that customers can easily find what they’re looking for, you’ll also want to increase impulse sales with cross-selling. For example, a customer who purchases tequila may also want to purchase a margarita mix. By pairing two items that are often purchased together, customers can get exactly what they want all in one location, thus increasing their intent to purchase.
Know the Taste Preferences of Your Local Community
Give the customer what they want. Sounds simple, right? New business owners often forget about this simple idea. One way to understand what your customers want is through data available online.
According to a survey by TABS Analytics, the state of New Jersey has the highest amount of consumer wine sales per purchase than any other state in the United States, with neighboring New York following close behind. When operating a liquor store in the Tri-state area, featuring a vast selection of wines from around the world will help you maintain profitability given the tremendous customer demand.
Now let’s get into beer. The popularity of craft beers has significantly increased with consumers over the past 10 years. If your store’s in a geographic location with popular breweries nearby, featuring those beers can be extremely beneficial to your business, as stocking these products speak directly to local customers.
Another product to consider selling in your store is cannabis-infused beer. From a legislation perspective, each year, more and more states are loosening their laws on cannabis, and many manufacturers have begun testing different cannabis-infused beverages based on market demand. In fact, Food & Beverage Magazine highlights this type of beer as one of the top five trends in the alcohol industry in 2019. Do you think it’s right for your customers?