IBISWorld Beer Wine - 2019 Liquor Stores in The US Industry Report

INDUSTRY REPORT 44531
Beer, Wine & Liquor Stores in the US
Open bar: Despite rising competition, deregulation will likely continue to benefit
the industry
Darshan Kalyani | October 2019
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Beer, Wine & Liquor Stores in the US October 2019
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Contents
ABOUT THIS INDUSTRY..................................3 COMPETITIVE LANDSCAPE.......................... 22
Industry Definition............................................................ 3 Market Share Concentration........................................... 22
Supply Chain..................................................................... 3 Key Success Factors...................................................... 22
Major Players.................................................................... 3 Cost Structure Benchmarks...........................................23
Main Activities.................................................................. 3 Basis of Competition...................................................... 24
Similar Industries.............................................................. 3 Barriers to Entry.............................................................. 24
Related International Industries........................................ 4 Industry Globalization..................................................... 25
AT A GLANCE...................................................5 MAJOR COMPANIES......................................26

Key Statistics Snapshot.................................................... 5 Major Players.................................................................. 26
Key Trends........................................................................ 5 Other Companies............................................................ 26
SWOT in the Industry........................................................ 5
Executive Summary.......................................................... 5 OPERATING CONDITIONS........................... 27
Industry Structure............................................................. 6
Key Industry Data..............................................................7 Capital Intensity.............................................................. 27
Products & Services Segmentation.................................. 8 Technology & Systems................................................... 28
Technology & Systems................................................... 29
INDUSTRY PERFORMANCE.............................9 Revenue Volatility........................................................... 29
Regulation & Policy......................................................... 30
Key External Drivers.......................................................... 9 Industry Assistance........................................................ 31
Industry Performance..................................................... 11
Industry Data Timeseries................................................13 KEY STATISTICS.............................................32
INDUSTRY OUTLOOK................................... 14 Industry Data.................................................................. 32
Annual Change............................................................... 32
Revenue Outlook.............................................................15 Key Ratios....................................................................... 32
Industry Life Cycle.......................................................... 15 Industry Financial Ratios................................................ 33
Products & Services Segmentation................................ 16 Additional Resources......................................................34
Supply Chain................................................................... 16 Industry Jargon...............................................................34
Products & Services........................................................16 Glossary..........................................................................34
Demand Determinants.................................................... 18
Major Markets................................................................ 19
International Trade......................................................... 21
Business Locations........................................................ 21
Legend
Icons are used throughout the report to indicate impact on the industry.
Negative impact
Neutral impact
Positive impact
About This Industry

Industry Definition Operators in this industry include retail stores specifically licensed to sell alcoholic beverages for off-
premises consumption. This industry excludes wholesale, grocery, convenience and gas station stores.
Supply Chain Supply Industries Demand Industries
Breweries - Accommodation and Food Services
Distilleries - Consumers
Wineries
Tank & Refrigeration Trucking
Wine & Spirits Wholesaling
Soft Drink, Baked Goods & Other Grocery

Wholesaling
Beer Wholesaling
Major Players There are no major players in this industry
Main Activities The primary activities of this industry are:
Beer retailing
Wine retailing
Spirits retailing
Cider, mead and other alcoholic beverage retailing
The major products and services in this industry are:
Liquor
Wine
Beer
Other products
Similar Industries 31211a - Soda Production in the US
Soda producers sell to distributors that then supply some beer, wine and liquor stores with packaged soft
drinks.
31211b - Bottled Water Production in the US
Bottled water producers sell to distributors that then supply some beer, wine and liquor stores with bottled
water.
31211c - Juice Production in the US
Juice producers sell to distributors that then supply some beer, wine and liquor stores with packaged
juice.
31212 - Breweries in the US
Breweries sell to distributors or, in some cases, may directly distribute their products to industry retail
stores.
31213 - Wineries in the US
Wineries sell to distributors or, in some cases, may directly distribute their products to industry retail
stores.
31214 - Distilleries in the US
Distilleries sell to state-operated or private distributors that ultimately deliver their products to retailers.
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44512 - Convenience Stores in the US
Convenience stores often sell many similar products to liquor stores such as beer, snacks and soft drinks.
72241 - Bars & Nightclubs in the US
Bars and nightclubs primarily engage in retailing liquor for immediate on-premises consumption.
Related International G4123 - Liquor Retailing in Australia

Industries Liquor retailers sell liquor (including beer, wine, spirits and ready-to-drink mixers) in packaged form (i.e.
bottles and cans). Alcohol retailed by the industry is intended for consumption away from liquor store
premises. The industry includes both online and bricks-and-mortar retailers.
6512 - Supermarkets in China
The Supermarket industry in China is part of China's retail trade sector. Supermarkets retail a broad range
of food and daily goods. Most of the goods carried by supermarkets are purchased from domestic
manufacturers. Operators, generally known as supermarkets or hypermarkets, then retail these goods to
the general public.
G47.250 - Off-Licences in the UK
Operators in this industry are specialised retailers licensed to sell alcoholic beverages for consumption off
the premises. The industry does not include supermarkets and grocery-focused convenience stores that
may also have this licence.
UK0.018 - Online Alcohol Retailing in the UK
This industry covers companies that sell packaged beer, wine and spirits exclusively over the internet. It
excludes firms that also have a bricks-and-mortar presence.
44531CA - Beer, Wine & Liquor Stores in Canada
This industry includes stores and agencies that are primarily licensed to sell alcoholic beverages for off-
premises consumption. The industry excludes wholesalers and grocery, convenience and gas station
stores.
G4123NZ - Liquor Retailing in New Zealand
Firms in this industry primarily retail beer, wine or spirits in packaged form for consumption off the
premises only. The industry includes the online sales of bricks-and-mortar retailers, but excludes pure-play
online operators.
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At a Glance
Key Statistics Total Revenue Annual Growth Annual Growth
Snapshot 2019 2014-2019 2019-2024
$61.1bn 3.0% 2.8%

Profit Margin Wages as a share of Revenue Number of Businesses
2019 2019 2014-2019
2.7% 7.2% 0.7%
Key Trends Rising per capita disposable income has underpinned industry growth
States are relaxing their liquor sales regulations to boost state revenue through liquor taxes
Deregulation has increased both internal and external competition
The industry's success will depend on how it markets high-margin brands to consumers
As external competition increases, small-scale operators may exit the market
While employment will grow, wages as a portion of revenue are expected to remain unchanged
SWOT in the
Industry
Strengths Weaknesses Opportunities Threats
Low Volatility None & Steady Level of High Revenue Growth Low Revenue Growth
Assistance (2014-2019) (2005-2019)
Low Imports
High Competition High Revenue Growth Low Outlier Growth
Low Customer Class
(2019-2024)
Concentration Low Profit vs. Sector Per capita disposable
Average High Performance Drivers income
Low Product/Service
Concentration Healthy eating index
High Revenue per
Employee
Low Capital Requirements
Executive The Beer, Wine and Liquor Stores industry comprises specialty shops
Summary
specifically licensed to sell alcoholic beverages for off-premises
consumption.
Industry operators have remained in high spirits over the five years to 2019. Amid rising per capita
disposable income, many establishments have experienced strong sales of high-margin and imported
beverages, which are typically less available at alternative retailers. Additionally, consumer preferences
have shifted away from popular global beer brands toward local craft styles that boast high-quality
ingredients and a variety of unique flavors. As a result, industry revenue is expected to grow an annualized
3.1% to an estimated $61.1 billion over the five years to 2019, including 3.1% growth in 2019 alone.
Unlike revenue, the average industry profit margin has experienced a slight decline during the five-year
period, despite strong consumer demand for high-margin craft beer brands. Wine and liquor are becoming
increasingly accessible in some states due to loosening regulation. As more external competitors such as
supermarkets and wholesale clubs have leveraged their large operations to secure low prices from alcohol
suppliers, some industry operators have had to reduce their prices to remain competitive. Additionally,
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industry operators compete for skilled employees, such as food and wine pairing hobbyists and craft beer
aficionados, to serve an increasingly knowledgeable customer base; therefore, wages have remained
steady as a share of revenue, limiting profit growth. In 2019, the industry's average profit margin,
measured as earnings before interest and taxes, is expected to account for 2.7% of industry revenue,
compared with 3.3% in 2014.
The industry is expected to experience continued albeit slower growth over the five years to 2024. Rising
per capita disposable income will enable consumers to spend more on discretionary goods, including
alcohol. Operators will also benefit from continued reductions in alcohol retail regulations across the
country. However, the increasing availability of industry products at alternative retailers, from
supermarkets to online stores, is expected to bolster external competition and mitigate industry revenue
growth. Additionally, the strong boost from the craft beer fad is anticipated to taper over the next five
years. As a result, industry revenue is projected to increase an annualized 2.8% to $70.3 billion over the
five years to 2024.
Industry Structure Level Trend Level Trend
Life Cycle Mature Regulation Level Heavy Steady
Revenue Volatility Low Technology Change Low
Capital Intensity Low Barriers to Entry Medium Steady
Industry Assistance None Steady Industry Globalization Low Steady
Concentration Level Low Competition Level High Increasing
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Key Industry Data
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Products & Services

Segmentation
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Industry Performance
Key External Drivers
o Per capita disposable income
When per capita disposable income rises, consumers are more likely to spend on discretionary goods
such as alcohol, particularly high-end products. Conversely, consumers are more likely to opt for cost-
efficient alternatives or cut back on discretionary purchases altogether when strapped for cash. Per
capita disposable income is expected to increase in 2019, representing a potential opportunity for the
industry.
o Healthy eating index
Current dietary guidelines for Americans state that women should not consume more than one alcoholic
drink per day and men should not consume more than two per day. Additionally, alcohol is not included in
the recommended diet for Americans as defined by the US Department of Agriculture. Consequently,
demand for industry products is inversely correlated with the healthy eating index, which gauges the US
population's overall conformance to federal dietary guidelines. The healthy eating index is expected to fall
in 2019.
o Per capita expenditure on alcohol
As individuals increase their alcohol consumption, per capita expenditure on alcohol typically increases.
Changes in consumer attitudes often affect the sale of alcoholic beverages. For example, health
consciousness drives many people to drink only in moderation or only specific types of alcohol, reducing
overall alcohol consumption and total sales. Per capita expenditure on alcohol is expected to increase in
2019.
o Excise tax on beer
The excise tax on beer represents the sum of the federal and median state taxes levied on beer. Excise
taxes on beer are imposed per gallon and are typically levied to raise revenue for federal and state
projects. When the excise tax on beer rises, so do beer prices, boosting revenue for industry operators.
The excise tax on beer is expected to decline in 2019.
o Excise tax on distilled spirits
The excise tax on distilled spirits consists of federal and state taxes levied on distilled spirits. There are
17 states that directly operate all spirits sales and generate revenue from various taxes, fees and
licensing dues, while the remaining states have varying degrees of privatization along the supply chain.
Excise taxes on distilled spirits increase the retail price of alcohol, boosting revenue generated by this
product segment. Excise taxes on distilled spirits have gradually fallen and are expected to decline in
2019. Since liquor comprises the single largest share of industry revenue, this trend poses a potential
threat to industry operators.
o Excise tax on wine
The excise tax on wine represents federal and state taxes levied on wine by volume. An increase in the
average excise tax is passed on to consumers at the retail level, boosting revenue for industry operators.
The excise tax on wine is projected to decline in 2019.
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Industry Performance Operators in the Beer, Wine and Liquor Stores industry are licensed to
sell alcoholic beverages solely for off-premise consumption.
Over the five years to 2019, steady growth in per capita expenditure on alcohol has bolstered demand for
beer, wine and liquor stores. At the same time, rising per capita disposable income has enabled shoppers
to opt for premium products that command higher price tags, further driving revenue growth. Over the five
years to 2019, industry revenue is expected to increase at an annualized rate of 3.1% to $61.1 billion,
including anticipated growth of 3.1% in 2019 alone.
Craft to the rescue
Over the five years to 2019, per capita expenditure on alcohol has increased at an annualized rate of 1.9%.
However, steady declines in the excise taxes charged on beer, distilled spirits and wine during the five-year
period have partially mitigated industry growth. Typically, increases in the excise taxes on beer, distilled
spirits and wine enable operators to charge higher prices for their products at the counter, benefiting
revenue. However, over the five years to 2019, the excise taxes on beer, distilled spirits and wine are
anticipated to fall at annualized rates of 1.5%, 1.5% and 1.4%, respectively, hindering revenue growth.
Nevertheless, rising per capita disposable income has underpinned the industry's growth during the five-
year period. Having more cash on hand has enabled consumers to be more flexible with their discretionary
spending and choosier with their purchases, leading to higher sales of many costlier products. In
particular, demand for craft beers has risen substantially during the period. According to the Brewers
Association, craft beers are made by small, independent and traditional breweries that produce 6.0 million
or less barrels of beer each year, are less than 25.0% owned by a noncraft operator and primarily brew beer
made from traditional or innovative processes and ingredients, rather than malt beverages or other drinks.
Between 2014 and 2017 (latest data available), craft beer barrel production rose at an annualized rate of
3.5%, according to the same source. These specialized beers are more likely to be found on the shelves of
niche operators such as beer, wine and liquor stores than at more general retailers such as supermarkets.
As a result, strong demand for such specialized products has boosted revenue for industry operators
during the five-year period.
Decreasing regulation
States are relaxing their liquor sales regulations to boost state revenue through high liquor taxes. Over the
five years to 2019, some states have responded to budgetary issues by lifting the monopoly power of
state-run liquor stores and permitting grocery stores, convenience stores and gas stations to sell beer,
wine or liquor. For example, in November 2016, Oklahoma lawmakers voted to permit wine and strong beer
sales at supermarkets and grocery stores, convenience stores, drug stores, warehouse clubs and
supercenters beginning in October 2018. Similarly, other states have relaxed long-standing restrictions to
permit liquor sales on Sunday or extend purchase hours on weekdays. Pennsylvania is the most recent
state to loosen its Sunday alcohol sale laws by expanding its state-owned store hour restrictions, formerly
noon to 5:00 pm, to 11:00 am to 7:00 pm in 2016. Most states also now permit consumers to ship wine
purchases directly to their homes. For example, as of January 2018, Pennsylvania residents are legally
permitted to participate in beer-of-the-month clubs that ship beer directly to homes. These state legislation
changes have occurred gradually; however, they signify a trend toward increased liberalization in US
alcohol laws.
Increasing competition
Profit has fallen during the five-year period despite rising purchases of high-end, high-margin products, as
the gradual liberalization of state liquor laws has intensified competition. In states that have increased the
number of available alcohol retail licenses, enabling more beer, wine and liquor retailers to enter the
industry, external industries such as supermarkets have also been permitted to sell alcoholic beverages.
As a result, deregulation has increased both internal and external competition, forcing many operators to
lower prices and thus hindering profit growth. Rising wage costs have further restricted profit. The
industry's average profit margin, measured as earnings before interest and taxes, is expected to reach
2.7% of revenue in 2019, down from 3.3% in 2014.
The industry has been further threatened as deregulation has enabled more retailers to offer alcohol
shipment and delivery services, since online sales are not included in this industry. The increase in external
competition from grocers, convenience stores, gas stations and other competing industries has placed
additional pressure on liquor stores. Larger competitors, such as grocery stores and warehouse clubs, can
negotiate low-cost alcohol supply contracts with distributors. Beer, wine and liquor stores typically have
limited bargaining power and small operations, which translate to relatively high per-unit purchase costs
when working with state-run or private wholesalers. Although deregulation and declining alcohol excise
taxes have proven beneficial to the industry, added competition from other retailers has ultimately limited
the potential gains from greater consumer access to alcoholic beverages.
Industry landscape
The industry has remained strong despite growing competition over the past five years. Operators have
maintained demand by offering low-cost alcoholic beverages, enabled by a declining excise tax, and large
product portfolios to compete with external operators. Deregulation, particularly in states that increased
the number of available liquor licenses, has enabled more stores to enter the industry. As a result, the
number of industry establishments is anticipated to increase at an annualized rate of 0.7% to 46,740
stores over the five years to 2019.
Employment is also expected to grow moderately over the five years to 2019 as liquor stores hire more
specialized workers with general expertise on a wide variety of alcoholic beverages. For example, some
liquor stores have hired employees to provide wine and food pairing suggestions to customers. These in-
store benefits are intended to drive greater foot traffic at retail locations that otherwise offer identical
products. Employment is expected to grow at an annualized rate of 1.9% to 186,943 workers over the five
years to 2019. A greater number of specialized employees is also anticipated to boost total wage
payments in the industry.
Industry Data Per Capita

Domestic Expenditure on
Timeseries Revenue IVA Estab. Enterprises Employment Exports Imports Wages Demand Alcohol
($m) ($m) (Units) (Units) (Units) ($m) ($m) ($m) ($m) ($)
2005 43,359 4,315 40,423 37,053 148,114 N/A N/A 3,361 N/A 723
2006 45,156 4,877 40,521 37,127 152,876 N/A N/A 3,432 N/A 712
2007 46,553 4,735 42,633 39,168 154,890 N/A N/A 3,478 N/A 697
2008 47,313 4,915 42,735 39,205 157,885 N/A N/A 3,496 N/A 694
2009 47,836 4,829 42,883 39,226 159,423 N/A N/A 3,537 N/A 670
2010 48,643 4,846 43,278 39,579 159,824 N/A N/A 3,582 N/A 679
2011 48,788 4,503 43,692 39,956 160,741 N/A N/A 3,625 N/A 691
2012 50,098 5,749 44,338 40,397 162,946 N/A N/A 3,645 N/A 702
2013 51,133 5,571 44,511 40,709 168,924 N/A N/A 3,781 N/A 695
2014 52,591 5,987 45,144 41,289 169,850 N/A N/A 3,883 N/A 695
2015 54,474 6,082 45,360 41,483 174,007 N/A N/A 4,066 N/A 698
2016 56,768 6,491 44,897 41,136 178,225 N/A N/A 4,164 N/A 706
2017 57,445 6,094 45,282 41,481 179,571 N/A N/A 4,199 N/A 709
2018 59,308 6,294 45,973 42,079 182,312 N/A N/A 4,277 N/A 698
2019 61,128 6,500 46,740 42,742 186,943 N/A N/A 4,390 N/A 700
2020 63,139 6,731 47,569 43,459 192,037 N/A N/A 4,515 N/A 718
2021 64,748 6,938 48,327 44,123 196,297 N/A N/A 4,618 N/A 736
2022 66,394 7,146 49,103 44,803 200,744 N/A N/A 4,725 N/A 755
2023 68,279 7,383 49,997 45,587 205,722 N/A N/A 4,846 N/A 774
2024 70,256 7,633 51,042 46,512 211,010 N/A N/A 4,974 N/A 794
Industry Outlook
The Beer, Wine and Liquor Stores industry will likely experience slightly
slower revenue growth over the five years to 2024.
According to the US Census Bureau, the number of millennials currently represents a greater percentage of
the US population than the baby-boomer generation, and the youngest millennials will all be of legal
drinking age over the next decade. As a result, industry operators will cater to a growing market of new,
young consumers whose tastes are entirely different from consumers in other age groups. While industry
operators will benefit from the growing proportion of the population that may consume alcohol, state
deregulation will continue to intensify competition. For example, competing industries such as the
Supermarkets and Grocery Stores industry (IBISWorld report 44511) and the Gas Stations industry (44719)
will increasingly participate in the retail alcoholic beverages market. Overall, industry revenue is forecast to
increase at an annualized rate of 2.8% to $70.3 billion over the five years to 2024.
Consumer trends
Over the five years to 2024, the industry's success will hinge on operators' ability to boost sales of costlier,
high-margin products. Per capita expenditure on alcohol is expected to grow more strongly over the next
five years at an annualized rate of 2.6%. Moreover, per capita disposable income is also anticipated to
continue rising, enabling consumers to be pickier with their product choices. However, the excitement
surrounding craft beer is expected to slow during the five-year period as these niche products become less
novel in this mature industry and consumers continue to expand their palettes beyond beer, potentially
limiting the revenue and profit garnered from these once-lucrative products. As a result, the industry's
success over the next five years will depend on how it markets high-margin brands to consumers.
Operators may boost in-store marketing activities and hire more well-versed personnel to better
demonstrate the taste and potential health benefits of purchasing high-quality products.
Decreasing regulation
Some states will likely continue to gradually deregulate the retail beer, wine and liquor market as state
budgetary concerns put pressure on state-run liquor stores. State deregulation will permit more retailers to
enter the industry, while longer selling hours will enable these operators to generate added revenue. For
example, a bill passed in April 2018 to permit the sale of wine on Sundays at grocery stores in Tennessee,
effective January 2019. However, external competition from supermarkets, gas stations and grocery
stores will make operating conditions tougher, particularly for low-alcohol by volume products. Large
warehouse stores with greater market power, such as Costco Wholesale Corporation, are increasingly
securing favorable supply contracts that enable them to lower the retail price of their products and
compete fiercely with industry operators.
As external competition increases over the next five years, small-scale industry operators that rely on local
consumers to generate revenue may have to exit the market. Supermarkets, gas stations and grocery
stores will also vie with industry operators for local consumers. However, large industry entrants will likely
remain competitive by securing favorable supply contracts with distributors. Due to such large-scale
operations with lower fixed costs, average industry profit, measured as earnings before interest and taxes,
is anticipated to increase slightly to 3.1% of revenue in 2024.
Industry landscape
Although an increase in per capita expenditure on alcohol will benefit industry operators, small players
such as self-proprietorships may be unable to compete with supermarkets, grocery stores, restaurants and
bars. Nevertheless, the number of industry establishments is forecast to increase at an annualized rate of
1.8% to 51,042 stores over the five years to 2024, as the entrance of large-scale operators offsets the
occasional closure of mom-and-pop stores.
Employment is also set to grow during the five-year period at an annualized rate of 2.5% to 211,010
workers in 2024. Large liquor stores will hire more employees to service customers, although
consolidation among small players will limit employment growth. While employment will grow, wages as a
portion of revenue are expected to remain unchanged. Operators may seek out a relatively specialized
workforce to provide knowledge about alcohol and food pairings, appealing to the growing class of
consumers who value craft beer and high-margin liquor products. However, these skilled workers are not
expected to represent a dominant percentage of the industry's employment over the next five years.
Revenue Outlook Revenue IVA Estab. Enterprises Employment Exports Imports Wages
Domestic Per Capita
Demand Expenditure on
($m) ($m) (Units) (Units) (Units) ($m) ($m) ($m) ($m) Alcohol ($)
2019 61,128 6,500 46,740 42,742 186,943 N/A N/A 4,390 N/A 700
2020 63,139 6,731 47,569 43,459 192,037 N/A N/A 4,515 N/A 718
2021 64,748 6,938 48,327 44,123 196,297 N/A N/A 4,618 N/A 736
2022 66,394 7,146 49,103 44,803 200,744 N/A N/A 4,725 N/A 755
2023 68,279 7,383 49,997 45,587 205,722 N/A N/A 4,846 N/A 774
2024 70,256 7,633 51,042 46,512 211,010 N/A N/A 4,974 N/A 794
Industry Life Cycle The life cycle stage of this industry is Mature
NOTE
Key Considerations: An industry's life cycle stage is determined by multiple factors, such as IVA vs. GDP performance and establishment
growth. Other qualitative factors must also be considered, which mean that the indicative life cycle stage shown above may not reflect the
industry's actual life cycle stage as determined by the analyst. Please refer to the below analysis for more information.
Life Cycle Reasons IBISWorld expects continued demand for specialized liquor stores in most communities throughout the
o Deregulation is leading to
country. Industry value added (IVA), which measures an industry's contribution to the overall economy, is
increasing consolidation, market anticipated to increase at an annualized rate of 2.5% over the 10 years to 2024. US GDP is expected to
saturation and competition
grow at an annualized rate of 2.1% during the same period. IVA growth in line with US GDP is primarily due
o The industry operates with small to the surge in craft beer sales during the period. Most other characteristics of the Beer, Wine and Liquor
margins and little room to increase
prices Stores industry indicate it is in the mature stage of its life cycle.
o Industry stores have expanded their
The Beer, Wine and Liquor Stores industry is expected to grow at a modest rate during the period due to
offerings of local and craft
beverages other external operators, such as wholesalers and grocery stores, intensifying their alcoholic beverage
sales. The standardized nature of industry products, coupled with market saturation from both internal and
external operators, will translate into aggressive price-based competition. Operators with a competitively
priced portfolio and convenient locations, such as near shopping malls and grocery stores, will maintain a
market niche during the 10-year period. Low technological change, coupled with steady demand for
alcoholic beverages, is indicative of an industry in the mature life cycle stage.
Although stores in some states are likely to be privatized, these regions have plans to continue limiting the
number of licenses sold and, therefore, reduce the number of stores that can be established. The number
of establishments that sell alcohol will increase, but the number of beer, wine and liquor stores will likely
experience minimal growth as internal competition (stimulated by fewer restrictions on permit
applications) or external competition (grocery, convenience and gas station stores) is expected to
discourage potential new industry entrants. As a result, IBISWorld expects the number of enterprises to
increase marginally over the 10 years to 2024, growing at an annualized rate of 1.2% to 46,512 operators.
Products & Services Segmentation

Supply Chain
Products & Services
The Beer, Wine and Liquor Stores industry sells not only alcoholic
beverages, but also nonalcoholic beverages, tobacco products and
miscellaneous goods to supplement sales of alcohol.
Per capita expenditure on alcohol is expected to increase 2.5% in 2019 alone, and sales of alcoholic
beverages typically do not experience severe declines during periods of economic uncertainty. Consumers
may purchase less alcohol during sluggish economic periods, but many consumers often switch
purchases of alcohol at bars and restaurants toward purchases of alcohol at the industry's retail locations.
As a result, the industry has historically exhibited a high degree of stability.
Consumers may, however, shift their purchases of alcohol depending on fluctuations in taste preferences.
For example, according to a 2016 Gallup poll of alcohol drinkers (latest data available), 43.0% of
consumers consider beer to be their drink of choice, compared with 32.0% and 20.0% of consumers who
preferred wine and liquor, respectively. However, the availability of particular products at alternative
retailers has a significant effect on the industry's product segments.
Liquor
Despite Americans' preference for beer, hard spirits are the most commonly sold alcohol in the industry.
This is largely due to the fact that, in more than half of the 50 states, spirits can only be sold at industry
establishments, which are licensed specifically to sell alcohol. The laws pertaining to wine and beer tend
to be more lenient, and many states permit grocery stores, gas stations, convenience stores and other
establishments that operate outside of this industry to sell these products with relative ease.
With laws concerning the sale of spirits still very strict, all forms of hard alcohol represent a major product
segment for the industry. Liquor is anticipated to generate 40.3% of industry revenue in 2019. Liquor
includes all distilled beverages from clear spirits, such as vodka and gin, to alternatives such as rum,
scotch, cognac and other liqueurs. Consumers are increasingly buying high-end products from industry
establishments as they serve up premium beverages at home in response to rising disposable income.
Wine
The laws concerning the licensed retail of wine vary drastically by state and, in some cases, county by
county. In 2019, wine is anticipated to account for 27.7% of industry revenue. The popularity of wine
tasting over the five years to 2019 has boosted consumer demand for this product segment, as wineries
moved forward with marketing campaigns and developed online media. This drove wine sales in stores as
consumers sought out specific types of wine and aspired to educate themselves about its varieties.
However, the deregulation and increasing availability of wine sales outside of industry establishments has
hindered this product segment during the period. Although this trend is anticipated to continue over the
five years to 2024, wine will likely comprise a slightly larger share of industry revenue as consumers
increasingly purchase expensive wines due to rising disposable incomes.
Beer
Beer sales are estimated to account for 23.1% of industry revenue in 2019. Although beer remains the
most popular alcohol among consumers, very few states mandate that beer be sold exclusively at licensed
industry establishments. Most sales of beer occur outside of the industry through locations such as
grocery stores, supermarkets, gas stations, convenience stores and drinking establishments. As a result,
although the market for beer has drastically expanded over the past five years as a result of the craft beer
boom, this segment has increased only slightly over the past five years. Industry operators are increasingly
stocking wider selections of craft and local beers in response to the newfound popularity of craft beer,
although consumer purchases of beer largely occur outside of the industry. Furthermore, the emergence of
taprooms and small breweries that offer on-premises consumption of beer has also hindered this
segment.
Other products
The industry is anticipated to generate just 8.9% of revenue in 2019 through sales of nonalcoholic
products. This segment includes tobacco products, such as cigars, cigarettes, pipe tobacco, electronic
cigarettes, water pipes and accessories, as well as miscellaneous souvenirs, bottle openers, gift sets,
kitchenware, magazines, lottery tickets, vending machine products and snacks. Sales of these products
represent a small but stable portion of the industry's annual sales.
Demand Determinants Demand for wine, beer and liquor stores depends mostly on consumer
interest in drinking alcoholic beverages.
Demand for alcohol can vary slightly between purchases of alcohol at industry retailers and purchases of
alcohol at restaurants, bars and other on-premises drinking establishments. The Beer Wine and Liquor
Stores industry is generally resistant to changes in the economic cycle, although fluctuations in the US
economy will shift consumer preferences somewhat. Declining discretionary income most commonly
shifts consumers' purchases from costlier, super-premium beverages to less costly brands. Conversely,
economic growth may boost per capita disposable income, thereby stimulating greater consumer demand
for high-cost and specialized industry products such as craft beers, which have experienced strong
increases in popularity over the past several years. Over the long-term, total volume of sales remains more
stable in comparison with changes in the types of beers sold throughout the economic cycle.
High product differentiation within the industry enables industry stores to offer a wide variety of products
at a broad range of price points. Consumers are unlikely to terminate their alcohol expenditures entirely as
a result of rising retail prices, but will instead adjust their budgets or switch to more affordable brands.
Shifts in demographics also influence sales of alcohol in the industry. Subpremium brands are most
popular among lower income earners and younger consumers, while super-premium and craft varieties are
common among middle-aged consumers who generate higher incomes. Although local demography can
provide industry retailers with a general guide to the types of brands that will perform best in a given area,
changing taste preferences have made consumer interest even more challenging to estimate. New forms
of craft beer, for example, have demonstrated increasing popularity across all income levels, while hard
cider has increased in popularity among both male and female drinkers.
Major Markets
Consumers under the age of 25
In 2019, consumers under the age of 25 comprise the smallest share of revenue for the Beer, Wine and
Liquor Stores industry, primarily due to the country's minimum drinking age of 21. Of the consumers in this
demographic that are legally able to purchase alcohol, many have limited disposable income levels or are
likely to consume beer, which is more easily available at establishments other than industry retailers.
Moreover, although the craft beers often found at industry establishments have generated significant
appeal among consumers within this demographic, this segment has declined as a share of industry
revenue over the five years to 2019. According to the University of Michigan's Monitoring the Future study,
younger individuals' consumption trends have declined primarily due to changes in their social lives and
cigarette use, as this has long been linked as a gateway to alcohol consumption. Moreover, according to
the Bureau of Labor Statistics, the average annual expenditure on alcohol of this demographic is nearly
half what it was 10 years ago. In 2019, consumers under the age of 25 are expected to account for 9.4% of
industry revenue.
Consumers aged 25 to 44
Consumers aged 25 to 44 comprise an estimated 35.5% of industry revenue in 2019. With higher income
levels than their college-aged counterparts, this demographic makes more frequent purchases of wine and
spirits, the former of which is frequently consumed in moderation with meals for its claimed health
benefits. This segment has increased only slightly over the past five years, primarily due to rising per
capita disposable income and trends toward premium products.
Consumers aged 45 to 64
Consumers aged 45 to 64 comprise the largest share of industry revenue at 37.1% in 2019. Consumers in
this segment are more likely to have extended families, which they may host at their homes for holidays or
special events and entertain with alcoholic beverages. Moreover, this demographic is more likely to
purchase high-cost alcoholic beverages; aged liquors and high-margin brands of wine are particularly
popular with this market segment. This, combined with rising income levels, has led this segment to
comprise a larger share of industry revenue during the period, a trend that is anticipated to continue over
the five years to 2024.
Consumers aged 65 and older
The industry's elderly clientele represents an estimated 13.6% of industry revenue in 2019. Alcohol
consumption drops precipitously upon retirement age, and many may cease alcohol consumption entirely,
resulting in fewer older customers. Other elderly consumers may only drink alcohol on a very infrequent
basis, so their purchases of industry products may exclusively occur at restaurants and other licensed
drinking establishments rather than industry stores. This segment's share of revenue has increased
slightly since 2014.
Other
Although the majority of industry revenue is derived from sales to individual consumers, operators also
generate a small share of revenue from purchases by restaurants, wholesalers, businesses and other
retailers. In 2019, sales to these customers are anticipated to comprise just 4.4% of industry revenue.
International Trade Exports in this industry are Low and Steady
Imports in this industry are Low and Steady
Due to the retail-based nature of the Beer, Wine and Liquor Stores industry, store sales are made directly to
local end users. Therefore, this industry only services the domestic market and does not engage in any
international trade.
Business Locations
The Beer, Wine and Liquor Stores industry is most heavily concentrated in the country's most densely
populated regions and cities, particularly in the Mid-Atlantic, which comprises 24.8% of total
establishments in 2019. Within the region, New York accounts for 9.5% of total establishments, trailing
only California (11.8%) for the largest percentage of industry establishments. Additionally, the Southeast
and Great Lakes regions are heavily concentrated with industry establishments and account for 18.3% and
14.7% of total establishments, respectively. Relatively large establishments, in terms of employment and
revenue, tend to be located in the Mid-Atlantic region. Nonetheless, the industry is small business oriented,
with the vast majority of establishments employing four or fewer people.
The distribution of establishments is also affected by state regulation (see the Regulation and Policy
section of this report). For example, states with state-owned stores, such as many of those in the Rocky
Mountains region, have significantly less stores per capita than noncontrol states. For example, Utah only
comprises 0.2% of total industry establishments but accounts for a slightly higher portion of the
population. Similarly, states that impose high taxes on sales of alcoholic beverages or forbid online orders
have a lower market share than their demographic, as consumers purchase alcohol out of state. The level
of geographic concentration is not expected to change drastically in the near future.
Competitive Landscape
Market Share Concentration in this industry is Low
Concentration
Many stores are family-owned and independently operated, and the vast majority of companies in the Beer,
Wine and Liquor Stores industry employ fewer than 20 people. The concentration of ownership of beer,
wine and liquor stores is low due to state regulations that prohibit vertical and horizontal integration
among alcoholic beverage producers, distributors and retailers. As states gradually lift some of these
constraints, the industry is expected to consolidate to a small degree. Although there are only a select few
alcoholic beverage retail chains, these companies typically only locate their locations in states that do not
impose arduous taxes, licenses and hold restrictions on cross-border alcohol shipments. In 2019, the
industry's two largest players are anticipated to comprise slightly less than 5.0% of industry revenue.
The industry will likely become slightly more concentrated over the five years to 2024, due to the entrance
of large chains. However, widespread consolidation of alcoholic beverage retailers is unlikely due to the
slim likelihood of many states permitting cross-border ownership of alcoholic beverage retailing chains.
Rather, industry operators are expected to strengthen their market share organically by investing in
specialized products to appeal to a market niche, developing a larger infrastructure and establishing a
strong customer base through advertising and marketing.
Key Success Factors IBISWorld identifies 250 Key Success Factors for a business. The most important for this industry are:
 Close monitoring of competition: Industry players must occasionally monitor other alcohol retailers in
their region to ensure that their prices and offerings appropriately serve customers.
 Use of high volume/low margin strategy: Due to low industry profit, companies must ensure they offer
an appropriate mix of high turnover products and slightly more expensive products.
 Ability to control stock on hand: It is important for industry operators to regularly monitor levels of stock
to ensure steady sales of all brands with little overstock.
 Proximity to key suppliers: Owners must ensure that ongoing and reliable shipments are available from
the wholesaler to keep stock levels in line with demand, especially during periods of elevated inventory
turnover.
 Proximity to key markets: To further generate interest in their store, owners can host special events,
product tastings and offer promotions. These activities improve sales and raise awareness in both new
and existing products.
 Attractive product presentation: Owners often build retail store displays to entice impulse purchases
and to encourage customer recognition of major brands.
Cost Structure
Benchmarks
Profit
Profit for the Beer, Wine and Liquor Stores industry, measured as earnings before interest and taxes, is low
at an estimated 2.7% of revenue in 2019. Profit is minimal because many stores are small or family owned,
and these businesses often choose to reinvest profit back into the business. Additionally, high competition
within the industry makes it very difficult for retailers to charge significant markups on their products
without losing sales to nearby rival stores. As states loosen regulations and stores increase in size, larger
stores may eventually take advantage of their greater bargaining power by buying beverages from
distributors at significantly lower wholesale prices. Profit is expected to increase over the five years to
2024, since decreasing regulations and lower excise taxes on alcohol will result in identical price
competition among all industry stores.
Wages
Wages are expected to account for 7.2% of industry revenue in 2019. Many operators have begun hiring
specialists who demand higher wages than typical industry employees, to host in-store tastings and advise
customers on the specifics of products they are considering buying and how to pair those beverages with
food. Wages are expected to remain stable as a share of revenue over the next five years.
Purchases
Purchases comprise an estimated 76.9% of total industry revenue in 2019. For industry operators to
remain competitive, they must offer a wide selection of industry products or specialize in a specific kind of
beverage offering. Alcoholic beverages vary in terms of price and quality, and most liquor stores must
offer a wide range of beverages to satisfy consumers' varying preferences.
Marketing
Marketing is expected to account for 0.9% of total industry revenue in 2019 and has remained steady over
the past five years.
Depreciation
Depreciation is low in this industry, making up 0.7% of industry revenue in 2019. Due to the service-based
nature of the industry, most stores use virtually no equipment to receive, stock and sell alcoholic
beverages to consumers. Additionally, the lengthy shelf life of the industry's products means that very little
manual labor is required to stock shelves, and shipments of alcoholic beverages are typically made on an
as-needed basis.
Rent
Rent accounts for 4.0% of industry revenue in 2019. Rent for the industry is higher than the sector average
because location is key to the success of many beer, wine and liquor stores, which need to compete for
the business of time-strapped customers who shop on the basis of convenience. Also, some of these
stores need to lease a large space to accommodate a wide retail selection and large product inventories.
Rent is generally a consistent portion of industry revenue, particularly among neighborhood stores that are
only legally able to offer beer or wine due to statewide regulations against private sales of distilled spirits.
Utilities
Utilities have remained at a steady share of industry revenue over the past five years. Utilities are expected
to account for 1.0% of total industry revenue in 2019.
Other Costs
All other costs, such as administrative, maintenance and repair expenses, are expected to account for
6.6% of total industry revenue in 2019. This share has remained steady in the industry over the past five
years.
Basis of Competition Competition in this industry is High and the trend is Increasing
Internal competition
Operators in the Beer, Wine and Liquor Stores industry compete on the basis of product differentiation,
price, store location and services provided. Product differentiation between stores can vary, attracting
many different demographics of customer. While some stores may carry a wider range of liquors or wines,
others may specialize in rare craft beers such as beers from local breweries. By specializing in certain
products, smaller stores can still provide a strong selection of alcoholic beverages that appeals to a niche
market. Each store decides how often to cycle through its stock, and industry operators may differentiate
their products by providing seasonally specific beer, wine and liquor.
Offering seasonally specific choices may appeal to some customers, but other industry operators attract
consumers that prefer a steady selection of popular brands. In this regard, industry operators also
compete on the basis of price. Large industry players may have enough leverage to negotiate contracts
with suppliers, enabling them to provide industry products with relatively lower costs. While the industry
has few large industry players, the emergence of large-scale operations will likely cause industry operators
to increasingly compete on the basis of price. Consumers are particularly sensitive to industry product
prices, particularly among those seeking the lowest possible price for traditionally expensive brands.
Also, the type of premises may be important in attracting certain customers. For instance, a high-end store
in an upper-class community will be more successful by offering a selection of fine liquor and wine than a
store stocked with many low-cost alcohol brands. In some cases, location is the key factor for success.
While location is always important to attract customers, new stores may be better suited to compete with
established stores from a location that is more convenient for shoppers. As a result, industry operators
typically locate in areas of high foot traffic or near grocery stores. The service in a liquor store often draws
repeat customers, especially in smaller family owned stores, which have a low employee turnover and
develop long-lasting relationships with clients. Additionally, many stores hire specialists or host in-store
tastings to advise customers on the specifics of beverages they are considering buying and how to pair
industry products with food. By offering the advice of specialists and establishing clientele,
establishments are able to compete with stores outside of the industry.
External competition
Supermarkets, convenience stores and gas stations are increasingly participating in the sale of alcohol.
Although many states prohibit non-specialty stores from selling beer, wine and liquor, these regulations
are being gradually relaxed. Nonspecialty stores usually provide a much narrower product range, mainly
concentrating on high turnover beers, wines and spirits and compete on the basis of price and
convenience. While these stores increase competition from outside of the industry, they are rarely able to
provide the same service and selection as beer, wine and liquor stores. Also, wholesale clubs Costco and
Sam's Club may compete with stores in the industry, not only on the basis of convenience but also price.
By purchasing industry products in bulk from suppliers, wholesale clubs can often pass on cost savings to
the consumer in the form of lower priced alcoholic beverages.
Barriers to Entry Barriers to Entry in this industry are Medium and the trend is Steady
Barriers to entry in the Beer, Wine and Liquor Stores industry include
stringent state laws, competition and high initial costs.
Additionally, state law requires industry operators to apply for licenses to sell alcohol. In 17 states, the
government is directly involved in the retail sale of liquor by operating through a small number of selected
stores or through government-owned stores.
Every retail dealer is required to register their business with the Alcohol and Tobacco Tax and Trade
Bureau (TTB). Retailers may not sell any alcohol to another retailer for resale until they obtain a basic
permit as issued by the TTB. Additionally, retailers may only purchase distilled spirits from wholesale
dealers and must keep written records showing the date and quantity of all alcoholic beverages received
on their premises. Records must include from whom the products were received and copies of the original
invoices. Retail establishments are subject to inspection by TTB officers, who may examine records and
issue fines if necessary.
Each state handles the issuance of alcohol retail licenses. Most states require public notice on the
premises for 60 days or more and other public announcements before an application for a liquor license
can be processed. The significant length of the application process for a liquor license is a barrier to entry
into the Beer, Wine and Liquor Stores industry. Additionally, many states and municipalities limit the
number of liquor licenses they sell. For this reason, competition to obtain these licenses may be high and
drive prices upward or create a lengthy wait time. Conversely, states that do not limit the number of
permits have many more liquor stores that will compete for customers far more aggressively in terms of
advertising and pricing. Other costs associated with opening such a store are cash registers, labor costs
and the initial costs of stocking shelves with a variety of alcohol, leasing a storeroom and decorating
appropriately.
Barriers to Entry Checklist
Competition High
Concentration Low
Life Cycle Stage Mature
Technology Change Low
Regulation & Policy Heavy
Industry Assistance None
Industry Globalization Globalization in this industry is Low and the trend is Steady
Due to the local and service-based nature of the Beer, Wine and Liquor Stores industry, there is no industry
globalization for beer, wine and liquor stores. The industry does, however, retail brands of alcoholic
beverages that may have been imported from foreign producers.
Major Companies
Major Players There are no major players in this industry
Other Companies BevMo!
Founded in 1994, Beverages & More! became BevMo! (BevMo) after rebranding in 2001. The company is
based in Concord, CA, and operates about166 stores in California, Arizona and Washington, as well as an
extensive online shop. In addition to beer, wine and spirits, the company's stores offer snacks, drink mixers
and party supplies. On BevMo's website, consumers can find drink recipes and a list of weekly beer and
wine tastings at each of its stores.
BevMo has benefited significantly from its online presence. The company offers several services catered
to customers hosting large events, particularly weddings, including free local delivery on orders greater
than $500.00. Additionally, the drink calculator assists with determining how much alcohol to purchase for
an event based on the number of guests and the preferred product mix. These value-added services attract
consumers who prefer the convenience of shopping online and seek to save both time and money. In
2020, BevMo is expected to generate total industry-relevant revenue of $646.7 million (excluding online
sales).
Total Wine & More
Headquartered in North Bethesda, MD, Total Wine & More (Total Wine) operates more than 180 stores in
21 states. Although Total Wine specializes in wines, its stores also sell beer and liquor. The company's
stores sell, on average, 8,000 different types of wine, 3,000 kinds of spirits and 2,500 varieties of beer.
Total Wine is expected to continue expanding operations. By leveraging its numerous retail locations, the
company can secure low-cost contracts with breweries, distilleries and wineries, which can benefit
consumers in the form of cost savings. The company also sells wine accessories such as decanters, as
well as cigars and other products. An estimated half of its revenue is generated from wine sales.
The company recently began expanding into western states such as Arizona, California, Texas and New
Mexico. In 2016, Total Wine opened its first San Francisco Bay Area store in Fremont, CA, a location that
occupies an estimated 22,000.0 square feet of retail space. Most recently, the company opened its first
Santa Clara County store in Mountain View, CA, in April 2017. The addition of new retail locations has
brought in further revenue by expanding the company's reach into new markets and establishing it as a
pioneering national chain of alcoholic beverage retail. IBISWorld estimates Total Wine will generate $2.9
billion in industry-relevant revenue (excluding online sales) in 2020.
Operating Conditions
Capital Intensity
The level of capital intensity is Low
The Beer, Wine and Liquor Stores industry can generally hire unskilled workers to stock shelves and
perform basic cashier functions. Some expertise with alcoholic beverages is required for industry stores
that offer product demonstrations and wish to provide customers with additional advice and service.
These demonstrations, however, are typically performed by various vendors and representatives from
distributors and beverage manufacturers. Overall, the industry is highly service-based and does not require
significant investments in capital and machinery to perform day-to-day functions. For every $1.00 spent on
wages, the industry spends a slim $0.10 on investments in capital. These investments may consist of new
mobile payment systems, inventory accounting technology, radio-frequency identification devices that
track incoming shipments and other minor technology purchases. Industry capital intensity has increased
just $0.01 since 2014.
Greater demand for specialty and high-margin products may increase industry operators' demand for
skilled labor. Personnel who are capable of answering highly specific questions on certain types of beer,
wine and liquor are a valuable asset to stores wishing to set themselves apart from other local alcoholic
beverage retailers. With disposable income steadily climbing, consumers will likely become more
inquisitive and may purchase more foreign or high-margin alcoholic beverages. As a result, industry wage
costs may climb over the five years to 2024 as stores hire additional personnel who have greater
familiarity with rare and specialty alcoholic beverage products. Additional hires will likely result in further
declines in industry capital intensity over the next five years.
Technology &
Systems Level Factor Disruption Description
Medium Rate of Potential A ranked measure for the number of

Innovation patents assigned to an industry. A
faster rate of new patent additions to
the industry increases the likelihood
of a disruptive innovation occurring.
Very Innovation Very A measure for the mix of patent

Low Concentration Unlikely classes assigned to the industry. A
greater concentration of patents in
one area increases the likelihood of
technological disruption of
incumbent operators.
Medium Ease of Entry Potential A qualitative measure of barriers to

entry. Fewer barriers to entry
increases the likelihood that new
entrants can disrupt incumbents by
putting new technologies to use.
Medium Rate of Entry Potential Annualized growth in the number of

enterprises in the industry, ranked
against all other industries. A greater
intensity of companies entering an
industry increases the pool of
potential disruptors.
Low Market Unlikely A ranked measure of the largest core

Concentration market for the industry. Concentrated
core markets present a low-end
market or new market entry point for
disruptive technologies to capture
market share.
Technology & The level of technology change is Low

Systems
Technological change in thie Beer, Wine and Liquor Stores industry is
slow and generally only pertains to some of the basic retail functions
of the industry.
Producing receiving technology, handheld credit card readers and mobile payment systems are
increasingly popular among liquor stores, but this technology has generally existed throughout the entire
retail sector over the five years in 2019.
Electronic stock control
Most operators have implemented electronic stock control, online ordering and computerized cash
registers. This technology enables industry operators to replenish stock through automatic scheduling and
track inventory without manually assessing inventory levels in stock rooms. Technologies such as
electronic stock control help industry operators lower wage expenses by reducing the number of
employees required to monitor inventory levels. Software programs that can keep track of cash flow,
profitability, staff and stock are also essential.
Point-of-sale software (POS) and security
Industry operators can also use point-of-sale (POS) software to monitor inventory levels and automatically
stock shelves. Additionally, POS software also enables industry operators to automate their purchasing
costs and provides industry operators with a streamlined checkout process, which lowers the number of
employees required. This software also enables industry products to be instantly priced according to list
price, quantity breaks, customer discounts, a markup on cost or a desired margin. POS software can also
be used for implementing marketing campaigns, as the software tracks customers and includes a detailed
sales history. Closed-circuit security cameras are commonly used to monitor sales and stock areas. They
can be integrated with an access control system and provide intercom and alarm boxes.
Internet sales of liquor
Although online liquor sales are banned in many states, various exemptions have gradually been
introduced. For example, 43 states will permit vintners to directly ship wine to consumers in some capacity
by end of this year, following the passing of Oklahoma's direct-shipping law. As wines are becoming
increasingly popular to purchase online, industry operators are quickly expanding their business to include
online sales.
Revenue Volatility The level of volatility is Low
The wide range of products the Beer, Wine and Liquor Stores industry provides prevents revenue from
varying drastically with changes in consumer tastes or with major changes in the US economy. As
consumer preferences shift, the Beer, Wine and Liquor Stores industry frequently adjusts the products it
stocks to meet market demand for either different types of alcohol or for brands that more appropriately
meet consumers' preferred price points. Disposable incomes have steadily improved over the five years in
2019, and consumers have responded by purchasing beer in both high quantities and at much higher price
points. Craft beer and locally sourced beer have become very popular with US consumers, and industry
stores have responded accordingly. As a result, industry revenue over the past five years has not
experienced any declines in revenue.
During the five-year period, the industry's largest year of revenue growth occurred in 2016, when revenue
grew 4.2%, compared with the smallest increase of just 1.2% in 2017. Overall, the Beer, Wine and Liquor
Stores industry does not experience drastic shifts in sales volume. Consumers often vary their tastes and
may choose to purchase low-cost alcoholic beverages during difficult economic times, but industry stores
typically have very low revenue volatility.
Regulation & Policy The level of regulation is Heavy and the trend is Steady
Federal controls
In 1933, the Twenty-First Amendment gave states the right to regulate alcohol consumption and
distribution as they determined fit. Although states were quick to resume the manufacture and sale of
alcohol, nearly all states created a stringent framework to ensure that legal alcoholic beverage distribution
was both closely monitored and taxes were collected along the supply chain. All states have differing laws
and regulations concerning alcohol, but nearly all of them generally follow a variant of the three-tier alcohol
distribution system. Under this system, states prohibit the existence of vertically integrated operator that
simultaneously produces, distributes and retails alcoholic beverages to consumers. Initially, all three tiers
of this alcoholic beverage production process had to be performed by three separate entities, although
many states have introduced minor exemptions and loopholes to accommodate smaller brewers, vintners,
distillers and retailers. This system has generally existed as the de facto federal approach to alcoholic
beverage distribution and has experienced little change since 1933.
Under the Homeland Security Act of 2002, all federal alcohol related revenue and regulatory functions have
been attached to the Alcohol and Tobacco Tax and Trade Bureau (TTB) in the Treasury Department. Since
1988, the minimum drinking age has held at 21 years of age in all US states. This was encouraged by the
federal government, which passed the National Minimum Drinking Age Act in 1984 stating that the federal
government would withhold federal highway funds from states that reduced their alcoholic beverage
purchase age below 21 years.
State controls
States have varied methods used to implement alcohol controls. Most states have limited the hours in
which alcohol can be sold. There are also specific limits on bottle sizes that can be sold, as well as
standardized case sizes. Some states and cities still ban liquor sales on Sundays. In 33 states, private
companies can distribute and sell alcoholic beverages, while in others, various levels of regulation have
been implemented mandating that alcohol be distributed and sold by state-run liquor commissions. While
many states initially forbade internet sales, some have eased their laws to permit supply by licensed
wholesalers, while others have placed an order size limit on sales by internet per resident annually.
The distribution and sale of alcoholic beverages are controlled by various alcohol control states. All of
these control states uphold a stricter three-tier system by making it illegal for private operators to perform
more than one function, be it production, distribution or retail of alcoholic beverages. In addition, control
states have established government liquor commissions to perform the wholesaling of some or all
alcoholic beverages in the state. Most of these states sell licenses to all of the companies involved and
restrict these operations further by implementing an assortment of volume limits and minimum prices.
Many of these states prohibit the ownership of more than one store and many have made it illegal to bring
alcohol in from other states. Some of these states, including Mississippi, Vermont, North Carolina and
Virginia, have occasionally proposed the privatization of the Beer, Wine and Liquor Stores industry to
generate additional tax and license revenue and encourage small business growth. Most recently, the state
of Washington privatized its state-owned liquor stores and distribution system by auctioning off its
business in fragments to private companies.
Industry Assistance The level of industry assistance is None and the trend is Steady
Both statewide and federal levels of government hold strict regulatory stances toward the production,
distribution, retail and consumption of alcoholic beverages. Many state and federal government treat
alcoholic beverage sale and production stringently and do not explicitly promote, encourage or assist the
industry's sale of alcohol. As a result, the Beer, Wine and Liquor Stores industry receives no direct
assistance for operating alcoholic beverage retail locations.
However, industry operators benefit from a significant number of trade associations. For example, Wine &
Spirits Wholesalers of America (WSWA) comprises wine and spirit companies and provides cost-saving
programs as well as publicity, educational and social responsibility services and programs. WSWA
represents its members before Congress and numerous regulatory organizations. The American Beverage
Licensees (ABL) association represents US retailers with alcohol licenses. Headquartered in Bethesda,
MD, ABL also represents its members on a national level and works alongside the wholesale, supply and
import sectors on collaborative educational, governmental and communications issues. Additionally, the
organization's annual meeting brings its members together for three days of networking, advocating and
education.
Key Statistics
Industry Data
Domestic Per Capita
Revenue IVA Establishments Enterprises Employment Exports Imports Wages Demand Expenditure on
($m) ($m) (Units) (Units) (Units) ($m) ($m) ($m) ($m) Alcohol ($)
2010 48,643 4,846 43,278 39,579 159,824 N/A N/A 3,582 N/A 679
2011 48,788 4,503 43,692 39,956 160,741 N/A N/A 3,625 N/A 691
2012 50,098 5,749 44,338 40,397 162,946 N/A N/A 3,645 N/A 702
2013 51,133 5,571 44,511 40,709 168,924 N/A N/A 3,781 N/A 695
2014 52,591 5,987 45,144 41,289 169,850 N/A N/A 3,883 N/A 695
2015 54,474 6,082 45,360 41,483 174,007 N/A N/A 4,066 N/A 698
2016 56,768 6,491 44,897 41,136 178,225 N/A N/A 4,164 N/A 706
2017 57,445 6,094 45,282 41,481 179,571 N/A N/A 4,199 N/A 709
2018 59,308 6,294 45,973 42,079 182,312 N/A N/A 4,277 N/A 698
2019 61,128 6,500 46,740 42,742 186,943 N/A N/A 4,390 N/A 700
2020 63,139 6,731 47,569 43,459 192,037 N/A N/A 4,515 N/A 718
2021 64,748 6,938 48,327 44,123 196,297 N/A N/A 4,618 N/A 736
2022 66,394 7,146 49,103 44,803 200,744 N/A N/A 4,725 N/A 755
2023 68,279 7,383 49,997 45,587 205,722 N/A N/A 4,846 N/A 774
2024 70,256 7,633 51,042 46,512 211,010 N/A N/A 4,974 N/A 794
Annual Change
Domestic Per Capita
Revenue IVA Establishments Enterprises Employment Exports Imports Wages Demand Expenditure on
(%) (%) (%) (%) (%) (%) (%) (%) (%) Alcohol (%)
2010 1.68 0.36 0.92 0.89 0.25 N/A N/A 1.25 N/A 1.40
2011 0.29 -7.09 0.95 0.95 0.57 N/A N/A 1.20 N/A 1.78
2012 2.68 27.7 1.47 1.10 1.37 N/A N/A 0.54 N/A 1.53
2013 2.06 -3.10 0.39 0.77 3.66 N/A N/A 3.74 N/A -1.00
2014 2.85 7.47 1.42 1.42 0.54 N/A N/A 2.70 N/A 0.05
2015 3.58 1.58 0.47 0.46 2.44 N/A N/A 4.71 N/A 0.47
2016 4.21 6.72 -1.03 -0.84 2.42 N/A N/A 2.39 N/A 1.01
2017 1.19 -6.12 0.85 0.83 0.75 N/A N/A 0.84 N/A 0.55
2018 3.24 3.26 1.52 1.44 1.52 N/A N/A 1.86 N/A -1.65
2019 3.06 3.28 1.66 1.57 2.54 N/A N/A 2.64 N/A 0.28
2020 3.28 3.54 1.77 1.67 2.72 N/A N/A 2.83 N/A 2.54
2021 2.54 3.08 1.59 1.52 2.21 N/A N/A 2.28 N/A 2.56
2022 2.54 2.99 1.60 1.54 2.26 N/A N/A 2.32 N/A 2.56
2023 2.83 3.31 1.82 1.74 2.47 N/A N/A 2.55 N/A 2.58
2024 2.89 3.39 2.09 2.02 2.57 N/A N/A 2.63 N/A 2.59
Key Ratios
Imports/ Exports/ Revenue per Wages/ Employees per
IVA/Revenue Demand Revenue Employee Revenue estab.
(%) (%) (%) ($'000) (%) (units) Average Wage ($)
2010 9.96 N/A N/A 304 7.36 3.69 22,410
2011 9.23 N/A N/A 304 7.43 3.68 22,551
2012 11.5 N/A N/A 307 7.27 3.68 22,367
2013 10.9 N/A N/A 303 7.39 3.80 22,384
2014 11.4 N/A N/A 310 7.38 3.76 22,864
2015 11.2 N/A N/A 313 7.46 3.84 23,369
2016 11.4 N/A N/A 319 7.33 3.97 23,361
2017 10.6 N/A N/A 320 7.31 3.97 23,382
2018 10.6 N/A N/A 325 7.21 3.97 23,461
2019 10.6 N/A N/A 327 7.18 4.00 23,485
2020 10.7 N/A N/A 329 7.15 4.04 23,511
2021 10.7 N/A N/A 330 7.13 4.06 23,526
2022 10.8 N/A N/A 331 7.12 4.09 23,539
2023 10.8 N/A N/A 332 7.10 4.11 23,556
2024 10.9 N/A N/A 333 7.08 4.13 23,570
Industry Financial Ratios

Apr 15 - Apr 16 - Apr 17 - Apr 18 - Small Medium Large
Liquidity Ratios Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Current Ratio 2.0 1.9 2.0 2.6 3.4 1.7 1.4
Quick Ratio 0.4 0.4 0.4 0.5 0.6 0.3 0.4
Sales / Receivables (Trade Receivables
N/C N/C N/C N/C N/C 391.2 88.5
Turnover)
Days' Receivables N/A 0.4 0.4 N/A N/A N/A N/A
Cost of Sales / Inventory (Inventory
5.8 6.4 6.2 5.6 5.5 5.4 7.8
Turnover)
Days' Inventory 62.9 57.0 58.9 N/A N/A N/A N/A
Cost of Sales / Payables (Payables
24.4 31.0 24.8 44.2 199.3 12.4 19.6
Turnover)
Days' Payables 15.0 11.8 14.7 N/A N/A N/A N/A
Sales / Working Capital 12.7 15.0 12.1 9.6 8.9 10.9 25.8
Coverage Ratios Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Earnings Before Interest & Taxes (EBIT)
4.2 4.9 5.0 4.3 4.5 5.5 3.1
/ Interest
Net Profit + Dep., Depletion, Amort. /
0.7 2.9 2.7 2.0 N/A N/A N/A
Current Maturities LT Debt
Leverage Ratios Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Fixed Assets / Net Worth 0.5 0.4 0.6 0.4 0.3 0.3 1.7
Debt / Net Worth 2.7 3.0 2.4 1.8 1.4 1.3 4.3
Tangible Net Worth 14.8 16.1 18.4 24.9 26.4 29.4 0.6
Operating Ratios Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Profit before Taxes / Net Worth, % 30.3 22.1 24.8 28.0 26.3 26.8 34.9
Profit before Taxes / Total Assets, % 8.1 8.4 7.3 9.4 9.9 6.6 4.1
Sales / Net Fixed Assets 55.8 54.6 32.8 51.3 60.3 42.1 23.6
Sales / Total Assets (Asset Turnover) 3.5 3.4 3.3 3.3 3.5 2.9 2.8
Cash Flow & Debt Service Ratios Apr 15 - Apr 16 - Apr 17 - Apr 18 - Small Medium Large
(% of sales) Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Cash from Trading 22.7 24.2 24.2 23.5 22.4 23.9 26.5
Cash after Operations 3.5 3.4 2.3 2.7 2.4 4.3 5.2
Net Cash after Operations 3.6 4.1 3.0 3.9 3.8 4.4 5.3
Cash after Debt Amortization 1.1 1.3 0.8 0.9 0.9 0.5 2.2
Debt Service P&I Coverage 2.5 2.9 1.8 2.3 2.3 1.8 2.4
Interest Coverage (Operating Cash) 4.7 6.4 3.4 4.7 3.7 5.9 7.9
Assets, % Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Cash & Equivalents 11.8 12.1 13.6 14.6 15.2 14.5 7.9
Trade Receivables (net) 2.0 2.3 2.6 1.7 0.7 4.2 7.3
Inventory 49.0 48.0 46.7 48.6 49.8 49.0 35.6
All Other Current Assets 1.8 1.7 2.1 2.0 1.8 2.6 2.8
Total Current Assets 64.6 64.2 65.1 66.8 67.5 70.3 53.5
Fixed Assets (net) 16.1 16.2 18.3 15.1 14.2 16.0 22.4
Intangibles (net) 14.1 14.7 12.1 14.7 15.3 8.7 19.5
All Other Non-Current Assets 5.2 4.9 4.6 3.4 3.0 5.0 4.5
Total Assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total Assets ($m) 1,420.8 1,596.8 1,927.3 1,815,873,000.0 158,183,000.0 335,684,000.0 1,322,006,000.0
Liabilities, % Mar 16 Mar 17 Mar 18 Mar 19 (<$10m) ($10-$50m) (>$50m)
Notes Payable-Short Term 11.5 7.5 8.7 6.3 6.4 6.9 3.7
Current Maturities L/T/D 2.1 2.4 2.3 2.1 1.9 1.8 5.4
Trade Payables 15.6 15.7 14.2 13.5 11.2 23.3 17.9
Income Taxes Payable 0.2 0.1 0.1 0.1 0.1 0.1 0.0
All Other Current Liabilities 12.8 15.1 15.0 10.4 10.4 8.9 12.5
Total Current Liabilities 42.2 40.8 40.3 32.3 30.1 41.0 39.6
Long Term Debt 18.6 21.7 17.5 17.0 16.0 11.6 36.7
Deferred Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0
All Other Non-Current Liabilities 10.3 6.7 11.7 11.1 12.2 9.3 3.7
Net Worth 28.9 30.8 30.5 39.6 41.7 38.1 20.1
Total Liabilities & Net Worth ($m) 1,420.8 1,596.8 1,927.3 1,815,873,000.0 158,183,000.0 335,684,000.0 1,322,006,000.0
Maximum No. of Statements Used 309.0 282.0 274.0 237.0 185.0 34.0 18.0
Source: RMA Annual Statement Studies, rmahq.org.

RMA data for all industries is derived directly from more than 260,000 statements of member financial institution's borrowers and
prospects
Additional Resources National Association of Wine Retailers

http://www.nawr.org
Beer Institute
http://www.beerinstitute.org
Wine and Spirits Daily

http://www.winespiritsdaily.com
Brewers Association
http://www.brewersassociation.org
Wine Institute
http://www.wineinstitute.org
US Bureau of Alcohol, Tobacco, Firearms and Explosives

http://www.atf.gov
Industry Jargon ALCOHOLIC BEVERAGES

A beverage category that includes beer, wine and liquors.
MOM-AND-POP STORE
A business that is owned and operated in a single location with few or no employees other than the owner
or owners.
OFF-PREMISES
The purchase of liquor in packaged form (bottles, cans or casks) for consumption at home or anywhere
other than the location of purchase.
ON-PREMISES
The purchase of liquor for immediate consumption.
Glossary BARRIERS TO ENTRY

High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is
easy for new companies to enter an industry.
CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on
labor. IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital
intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor;
low is less than $0.125 of capital for every $1 of labor.
CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current
year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of
the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in
IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.
DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is
derived by adding imports to industry revenue, and then subtracting exports.
EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners,
managers and executives within the industry.
ENTERPRISE
A division that is separately managed and keeps management accounts. Each enterprise consists of one
or more establishments that are under common ownership or control.
ESTABLISHMENT
The smallest type of accounting unit within an enterprise, an establishment is a single physical location
where business is conducted or where services or industrial operations are performed. Multiple
establishments under common control make up an enterprise.
EXPORTS
Total value of industry goods and services sold by US companies to customers abroad.
IMPORTS
Total value of industry goods and services brought in from foreign countries to be sold in the United
States.
INDUSTRY CONCENTRATION
An indicator of the dominance of the top four players in an industry. Concentration is considered high if the
top players account for more than 70% of industry revenue. Medium is 40% to 70% of industry revenue.
Low is less than 40%.
INDUSTRY REVENUE
The total sales of industry goods and services (exclusive of excise and sales tax); subsidies on production;
all other operating income from outside the firm (such as commission income, repair and service income,
and rent, leasing and hiring income); and capital work done by rental or lease. Receipts from interest
royalties, dividends and the sale of fixed tangible assets are excluded.
INDUSTRY VALUE ADDED (IVA)

The market value of goods and services produced by the industry minus the cost of goods and services
used in production. IVA is also described as the industry's contribution to GDP, or profit plus wages and
depreciation.
INTERNATIONAL TRADE
The level of international trade is determined by ratios of exports to revenue and imports to domestic
demand. For exports/revenue: low is less than 5%, medium is 5% to 20%, and high is more than 20%.
Imports/domestic demand: low is less than 5%, medium is 5% to 35%, and high is more than 35%.
LIFE CYCLE
All industries go through periods of growth, maturity and decline. IBISWorld determines an industry's life
cycle by considering its growth rate (measured by IVA) compared with GDP; the growth rate of the number
of establishments; the amount of change the industry's products are undergoing; the rate of technological
change; and the level of customer acceptance of industry products and services.
NONEMPLOYING ESTABLISHMENT
Businesses with no paid employment or payroll, also known as nonemployers. These are mostly set up by
self-employed individuals.
PROFIT
IBISWorld uses earnings before interest and tax (EBIT) as an indicator of a company’s profitability. It is
calculated as revenue minus expenses, excluding interest and tax.
REGIONS
West | CA, NV, OR, WA, HI, AK Great Lakes | OH, IN, IL, WI, MI Mid-Atlantic | NY, NJ, PA, DE,
MD New England | ME, NH, VT, MA, CT, RI Plains | MN, IA, MO, KS, NE, SD, ND Rocky
Mountains | CO, UT, WY, ID, MT Southeast | VA, WV, KY, TN, AR, LA, MS, AL, GA, FL, SC,
NC Southwest | OK, TX, NM, AZ
VOLATILITY
The level of volatility is determined by averaging the absolute change in revenue in each of the past five
years. Volatility levels: very high is more than ±20%; high volatility is ±10% to ±20%; moderate volatility is
±3% to ±10%; and low volatility is less than ±3%.
WAGES
The gross total wages and salaries of all employees in the industry. The cost of benefits is also included in
this figure.
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IBISWorld Beer Wine - 2019 Liquor Stores in The US Industry Report

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INDUSTRY REPORT 44531

Beer, Wine & Liquor Stores in the US

Darshan Kalyani | October 2019

WWW.IBISWORLD.COM 1-800-330-3772 INFO@IBISWORLD.COM

AT A GLANCE...................................................5 MAJOR COMPANIES......................................26

About This Industry

Supply Chain Supply Industries Demand Industries

Breweries - Accommodation and Food Services

Tank & Refrigeration Trucking

Wine & Spirits Wholesaling

Soft Drink, Baked Goods & Other Grocery

Major Players There are no major players in this industry

Main Activities The primary activities of this industry are:

Cider, mead and other alcoholic beverage retailing

The major products and services in this industry are:

Similar Industries 31211a - Soda Production in the US

31211b - Bottled Water Production in the US

31211c - Juice Production in the US

31212 - Breweries in the US

31213 - Wineries in the US

31214 - Distilleries in the US

44512 - Convenience Stores in the US

72241 - Bars & Nightclubs in the US

Related International G4123 - Liquor Retailing in Australia

6512 - Supermarkets in China

G47.250 - Off-Licences in the UK

UK0.018 - Online Alcohol Retailing in the UK

44531CA - Beer, Wine & Liquor Stores in Canada

G4123NZ - Liquor Retailing in New Zealand

$61.1bn 3.0% 2.8%

2.7% 7.2% 0.7%

As external competition increases, small-scale operators may exit the market

Strengths Weaknesses Opportunities Threats

Low Capital Requirements

Industry Structure Level Trend Level Trend

Life Cycle Mature Regulation Level Heavy Steady

Revenue Volatility Low Technology Change Low

Capital Intensity Low Barriers to Entry Medium Steady

Industry Assistance None Steady Industry Globalization Low Steady

Concentration Level Low Competition Level High Increasing

Key Industry Data

Products & Services

o Per capita disposable income

o Healthy eating index

o Per capita expenditure on alcohol

o Excise tax on beer

o Excise tax on distilled spirits

o Excise tax on wine

Craft to the rescue

Industry Data Per Capita

Products & Services Segmentation

Products & Services

Consumers under the age of 25

Consumers aged 65 and older

International Trade Exports in this industry are Low and Steady

Imports in this industry are Low and Steady

stores or through government-owned stores.

Barriers to Entry Checklist

Life Cycle Stage Mature

Technology Change Low

Regulation &amp; Policy Heavy

Industry Assistance None

Other Companies BevMo!

Regulation & Policy Heavy