Friday, February 03, 2012
Interview: Binstein Talks Specialty Spirits, Forecasts Revenue Rise Of 10% For 2012
(by Shanken News Daily) Chicago-based retailer Binny’s Beverage Depot posted revenues of $254 million in its fiscal year ending August 31, 2011 and projects a 10% sales increase to $280 million for fiscal 2012. This month, Binny’s will open its first downstate store, in Champaign, Illinois, as reported by Shanken News Daily last fall. That new addition will be the company’s 28th store. Binny’s is also exploring other downstate Illinois venues as well as looking into the Wisconsin markets of Madison and Milwaukee.
In this exclusive interview, Binny’s owner Michael Binstein talks with Shanken News Daily about market trends and his commitment to the specialty spirits market through his Whiskey Hotline, which was launched in 2003.
SND: How were sales at Binny’s during the fourth quarter of calendar 2011—particularly during the holidays?
Binstein: Sales were very robust. All the vital signs were up. Same-store sales during the holiday season rose by more than 5%. On our busiest day of the year, November 23, we had over 4,400 customers an hour and did over $294,000 an hour. That gives you a sense, across our stores, of the ultimate stress test for a retailer.
SND: What were some of your bestsellers during the holidays?
Binstein: All the commodity brands were strong—Bacardi, Captain Morgan, Johnnie Walker, Smirnoff, Dewar’s. It was pretty much a sale-fueled holiday season and customers were shopping for value.
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