Making your liquor store thrive, not just survive
While liquor stores are typically considered a stable business, there are many ways independent owners can make their stores stand out and become even more profitable, rather than just surviving by virtue of being an alcohol vendor.
- Show and sell: A major trend in retail is to provide customers with an experience beyond plain shopping. This is seen in things like grocery stores adding specialized cafes, or coffee shops hosting live music. Liquor stores can take advantage of this trend by holding special events for customers. Think wine and spirit tastings, mixology classes, or even discussions about the history of certain drinks. Events like this get customers into the store and interested in your products, particularly when they are offered samples of products.
- If they can find it, they’ll buy it: As with any store, customers will be more willing to spend money if they can find what they’re trying to buy easily. Be sure that your store’s presentation is easy to understand and navigate. Invest in shelving that showcases bottles well, particularly for your wine selection, as well as fixtures that allow clear signage to be displayed. Even a new customer should be able to walk into your store and find what they’re looking for without great difficulty.
- Know your inventory: A varied liquor inventory can be expensive to maintain, particularly for smaller businesses who have to deal with the high prices from distributors. While you certainly want to have a solid variety, try choosing a more limited inventory by paying attention to your area’s purchasing trends, then know that inventory well. You’ll be able to give solid recommendations to customers and hopefully turn your inventory more often than if you buy solely with the intent of having the biggest variety in the area.
To learn more about making your liquor store more profitable, keep up with our blog and check out our tips for liquor store owners.