The Good Wine Shop to open third store
The Good Wine Shop is opening its third store this autumn after taking over a former Oddbins in Richmond Hill, south west London.
Ben Craighead, store manager at the retailer’s Kew branch, told DRN: “We have always been in a position to open another store and we are ready to expand the business.
“We wanted to have three shops for a number of reasons, one of which is that it can accommodate more roles, so we can potentially look at having someone dedicated to marketing and events, and someone responsible for buying.
“With just one or two shops you tend to find that staff have to wear many hats. Three is kind of that perfect number.
“We used to have a store in Esher but it closed a few years ago. All of the stuff has been in storage since then, so we have all the fridges and shelving we need for the third store and we are ready to go.”
Finding the right unit in the right location was a challenge, he added, but there are some options on the high street now that Oddbins has closed a number of stores and also with some chain restaurants disappearing.
“What is interesting is we already look after a number of customers in that area. With our two shops [in Kew and Chiswick] we have customers who come to us from Sheen, Richmond, Isleworth, Teddington and many of the surrounding areas, so we cover that patch in Richmond Hill a bit already.
“It is a very affluent area, which we think The Good Wine Shop will sit very well with.
“It is an area suited to fine wine purchases and mid to premium ranges. Both of our existing stores cater to a similar market so it would be a kind
of continuation of what we already do.”
The Good Wine Shop has had a good 12 months with both stores growing sales, Craighead said. “We are 13% up in terms of revenue. We are in a healthy place. It is in its 10th year and the business is still growing.
“We are up in sales this July compared to last year. For July 2019 our margins are up 13% compared to July 2018. In general footfall is up, by about 4% each year.
“We added an on-trade element to the business 18 months ago and that hospitality element is really driving things.
“It accounts for 5% of total revenue so it isn’t the main part of the business, but it creates a more exciting environment and an experience.
“We also focused more on our customer loyalty scheme and this helps us to gather a profile of the wines our customers buy.
“It has allowed us to retail to customers by looking at the data and narrowing down to what price point people buy at and from what region. So we can send emails to people when we have wines that fit their price point, or regions they like, and it isn’t a mass email, it is far more personal.
“This one-to-one element is really helping our growth.”