Opening a store is a difficult task. To build and run a profitable liquor store, there are many things business owners need to be aware of.
Convenience stores have seen increased competition. This article from the NACS Magazine highlights that convenience store liquor sales have increased 11.8% on average.
The importance of liquor store owners providing an excellent in-store experience is increasing as consumers look for greater value when buying liquor from their local convenience stores. Here are four ideas for liquor stores that will be profitable this year, including store layout and engaging displays.
Layout for merchandising
A well-designed store layout is the best tip to make a liquor store profitable. Your retail store fixtures are a key factor in your business’ success. Customers will be able to navigate liquor stores easily and find what they are looking for quickly.
End-unit shelving is a great way to showcase your most profitable and popular products. Wall unit shelving allows retailers to display merchandise around the entire store’s perimeter. This allows you to display large quantities of inventory in front of your liquor store, which can help increase profitability. Your business’s success is also dependent on the location of your retail sales counter. Consider where your checkout counter should be placed and how it will complement your layout flow.
Your overall store design and layout also have a significant impact on merchandise. Cross-selling is a great way to increase impulse sales. A customer may want to purchase tequila, but also a margarita mixture. Customers can combine two items that are often bought together to get exactly what they need, increasing their likelihood of purchasing.
Get to know the taste preferences of your local community
Give the customer what they want. It sounds simple, right? This simple concept is often overlooked by new business owners. Data available online can help you understand your customers’ needs.
According to a survey done by TABS Analytics, the food and beverage industries continue to grow. A wide selection of wines from around the world will be a huge asset to your liquor store in the Tri-state region. This will allow you to maintain profitability due to the high customer demand.
Let’s now get to the beer. Over the past ten years, craft beer has seen a significant increase in popularity. If you have a store in a location that has a number of breweries close by, it can be incredibly beneficial for your business to stock these beers. This will allow you to speak directly to local customers.
Become an expert
Even though customers can now research their alcohol online, many still prefer to visit a physical store to talk to someone about their options, particularly when it comes to liquor.
Online reviews are often used to influence customers’ purchases. However, liquor stores can make a niche in the highly competitive market by hiring industry experts. Customers will often seek out your assistance when choosing a brand.
Expertise in spirits goes beyond knowing the right wine to pair with your steak. There are many flavors and brands available to customers. This will make it easy for people to have questions. Your business should make it a priority to learn as much information about the liquor products sold there. A reliable, trustworthy place where information and ideas can be found is a benefit to your community.
Create relationships through planning in-store events
Hosting events is a great way to get customers to your store. These events allow you to meet with customers face-to-face and give them the opportunity to test out different products. This will increase their taste and help you to sell more products. A great way to increase your profits is to offer wines with high-profit margins to make them more familiar to your customers.
Wine and cheese tastings are two of the most popular events in the liquor industry. After all, who doesn’t love wine and free food? Many people don’t consider their selves wine connoisseurs. It is a great way to get new customers and establish yourself as a reliable source of liquor-related information.
Mixology sessions are another option. These events are a casual and fun way to get your customers involved in the liquor business. It’s a great way for customers to learn about new drinks and be familiar with the current market. To maximize sales, we recommend that these sessions be held seasonally. You can make refreshing, delicious cocktails for hot summer days by following these recipes.
These are some helpful tips to help you open and sustain a profitable liquor store. Now it’s time for you to put them into practice. You will need to make sure your store has the correct fixtures and gondola shelving displays. This will make running a liquor store as easy as making your favorite cocktail.