{"id":8752,"date":"2020-06-16T05:15:00","date_gmt":"2020-06-16T02:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/upscale-booze-profits-dry-up-as-cheaper-brands-boom-during-lockdown\/"},"modified":"2020-06-16T05:15:00","modified_gmt":"2020-06-16T02:15:00","slug":"upscale-booze-profits-dry-up-as-cheaper-brands-boom-during-lockdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/upscale-booze-profits-dry-up-as-cheaper-brands-boom-during-lockdown\/","title":{"rendered":"#Upscale booze profits dry up as cheaper brands boom during lockdown"},"content":{"rendered":"

“#Upscale booze profits dry up as cheaper brands boom during lockdown<\/strong>”<\/p>\n

\n Americans may be imbibing more, but they\u2019re not spending more \u2014 and that\u2019s hurting some retailers, The Post has learned.<\/p>\n

Since the coronavirus lockdowns kicked off in March, booze deliveries have been through the roof \u2014 rising as much as 600 percent at one point, according to delivery company Drizly. But retailers specializing in upscale wines and liquors say the uptick hasn\u2019t translated to higher profits, because customers are also gravitating toward cheaper products to protect against growing economic uncertainty.<\/p>\n

Park Avenue\u2019s Sherry-Lehmann Wine & Spirits, which has been selling to well-heeled Upper East Siders since 1934, is just one of the many upscale wineries to feel the pinch as customers switch to less-expensive brands.<\/p>\n

\u201cI\u2019m not going to complain about our revenues because we are doing better than 95 percent of retailers, but we can\u2019t sell enough cases to quantify the loss of the high-end,\u201d said Chief Executive Chris Adams.<\/p>\n

Instead of rare wines, the store is seeing its Bordeaux sampler cases fly off the shelves. They sell for $180, or roughly $15 a bottle, Adams said. \u201cWe have had a lot of success with bottles at the $12, $15 and up to $30 price point, but the bulk of our model is bottles that sell for between $40 and $60.\u201d<\/p>\n

For Grapes The Wine Co. in White Plains, NY, the trend has pushed sales down 35 percent, owner Daniel Posner told The Post. \u201cOur regular customers are buying inexpensive wines \u2014 spending $20 instead of $50 per bottle,\u201d Posner said.<\/p>\n

To meet the demand, the store, which focuses on French wines, has been bulking up on more affordable bottles, including a 2018 Ayres Pinot Noir Willamette Valley that sells for $19.99, and which Grapes has not offered for 15 years.<\/p>\n

Chad Brown, a fine wine collector in Westchester County, said it\u2019s all about the economy. \u201cEveryone is concerned about their finances and employment.\u201d<\/p>\n

So while he and his wife are \u201cdefinitely drinking more,\u201d they are also buying wines that cost $35 or less, as opposed to $100 or more. If they want a bottle that costs trip<\/a>le digits, they simply go to their temperature-controlled unit in the basement and pick out something they already own, said Brown, president of advertising company Cumulus Media<\/a> National Sales.<\/p>\n

\u201cRight now, I\u2019d dig something out from my collection before I\u2019d spend more than $100 on a bottle of wine,\u201d Brown said.<\/p>\n

Michael Correra, owner Michael Towne Wines and Spirits in Brooklyn, said sales in the early days of the pandemic were up by about 20 percent over last year. But now they\u2019re flat, as customers have fled the city, and those who remain gravitate toward \u201ccomfort brands\u201d like Kendall-Jackson, Josh and Santa Margherita.<\/p>\n

Matt Tornabene, owner of Manhattan Wine Co. near Hudson Yards, says about half of his best clients have taken a financial hit during the coronavirus pandemic, either through their portfolios or work, he said. And that\u2019s affecting his ability to sell six bottles of a $5,500 bottle of Coche-dury Corton-Charlemagne, which is rarely sold at retail.<\/p>\n

Tornabene has told his top clients that the coveted white Burgundy will be arriving in New York on June 19, but so far hasn\u2019t had any takers.<\/p>\n

\u201cNormally, they\u2019d hit the dock and immediately turn around to be transported to someone\u2019s cellar,\u201d Tornabene said. \u201cI\u2019ll do all I can to place them, but normally this gets scarfed up more quickly.\u201d\n <\/p><\/div>\n

Source<\/a><\/span><\/p>\n

\n

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“#Upscale booze profits dry up as cheaper brands boom during lockdown” Americans may be imbibing more, but they\u2019re not spending more \u2014 and that\u2019s hurting some retailers, The Post has learned. Since the coronavirus lockdowns kicked off in March, booze deliveries have been through the roof \u2014 rising as much as 600 percent at one…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[18099,18095,18098,18096,18097,18094],"class_list":["post-8752","post","type-post","status-publish","format-standard","hentry","category-general","tag-according-to-delivery-company-drizly-but-retailers-specializing-in-upscale","tag-americans-may-be-imbibing-more","tag-booze-deliveries-have-been-through-the-roof-rising-as-much-as-600-percent-at-one-point","tag-but-theyre-not-spending-more-and-thats-hurting-some-retailers","tag-the-post-has-learned-since-the-coronavirus-lockdowns-kicked-off-in-march","tag-upscale-booze-profits-dry-up-as-cheaper-brands-boom-during-lockdown"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/8752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=8752"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/8752\/revisions"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=8752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=8752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=8752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}