tag:blogger.com,1999:blog-941731830705031230.post1780938247874826905..comments2024-03-25T02:53:48.654-07:00Comments on SVB on Wine: Premium Wine Sales DeceleratingRob McMillan rmcmillan@svb.comhttp://www.blogger.com/profile/12396624790174552807noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-941731830705031230.post-6478119435531966162020-07-21T23:27:27.462-07:002020-07-21T23:27:27.462-07:00Excerpt from The New York Times Online
(May 25, 20...Excerpt from The New York Times Online<br />(May 25, 2018):<br /><br />"How Student Debt Can Ruin Home Buying Dreams"<br /><br />URL: https://www.nytimes.com/2018/05/25/business/how-student-debt-can-ruin-home-buying-dreams.html <br /><br />"Homeownership among Americans in their 20s and 30s is hovering near a three-decade low. Just 35 percent of households headed by someone younger than 35 owned a home in 2017, down from 41 percent in 1982, according to census data. Now, they are much more likely to be living at home with their parents or elders.<br /><br />"At the same time, the nation’s student loan bill has soared to $1.4 trillion, surpassing credit cards to become the largest source of personal debt outside mortgages.<br /><br />"A broad set of headwinds is holding millennials back from buying homes. Underwriting standards have become stricter in the last decade, making it more difficult to get a mortgage. Many young people are moving to cities where they can only afford to rent — a problem that has been compounded as home prices have soared while wages have barely outpaced inflation.<br /><br />"And recent research suggests that the explosion in tuition costs and student debt is another significant force keeping many millennials out of the home buying market. . . ."Bob Henryhttps://www.blogger.com/profile/09099196210297757292noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-49507716618821164092017-11-30T20:00:14.377-08:002017-11-30T20:00:14.377-08:00Bill T:
Let's take a national (versus regiona...Bill T:<br /><br />Let's take a national (versus regional Ohio) perspective.<br /><br />Millennials are interested in buying a house -- most just can't afford it due to (1) comparatively low early stage career incomes combined with (2) high student loan debt service that thwart saving enough for a starter home down payment, and (3) rising housing prices in a supply-constrained economy.<br /><br />"The Next Hot Housing Market: Starter Homes"<br />Wall Street Journal - May 11, 2017<br /><br />Link: https://www.wsj.com/articles/the-next-hot-housing-market-starter-homes-1494495003<br /><br /><br />"Stuck in Place, U.S. Homeowners Hunker Down as Housing Supply Stays Tight"<br />Wall Street Journal - October 29, 2017<br /><br />Link: https://www.wsj.com/articles/stuck-in-place-u-s-homeowners-hunker-down-as-housing-supply-stays-tight-1509274802<br /><br /><br />"Home Prices Jump as Supply Shortage Squeezes Buyers"<br />Wall Street Journal - Nov. 28, 2017<br /><br />Link: https://www.wsj.com/articles/home-price-growth-gained-momentum-in-september-1511877892<br /><br />Millennial family formations have been postponed because of those impediments.<br /><br />"Cheap Sex and the Decline of Marriage"<br />Wall Street Journal - Sep 29, 2017<br /><br />Link: https://www.wsj.com/articles/cheap-sex-and-the-decline-of-marriage-1506690454<br /><br />Excerpt:<br /><br />"Marriage in the U.S. is in open retreat. As recently as 2000, married 25- to 34-year-olds outnumbered their never-married peers by a margin of 55% to 34%, according to the U.S. Census Bureau. By 2015, the most recent year for which data are available, those estimates had almost reversed, with never-marrieds outnumbering marrieds by 53% to 40%. Young Americans have quickly become wary of marriage.<br /><br />“Many economists and sociologists argue that this flight from marriage is about men’s low wages. If they were higher, the argument goes, young men would have the confidence to marry. ..."<br /><br />~~ BobBob Henryhttps://www.blogger.com/profile/09099196210297757292noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-27678700123364760192017-11-30T18:51:34.827-08:002017-11-30T18:51:34.827-08:00There was only ONE baby boom. Millenials aren'...There was only ONE baby boom. Millenials aren't interested in buying a house, property, or a family. Wine is out, right now they'd rather drink beer. From there it's directly into the higher proof spirits, whiskey, gin, vodka, etc. That's what I'm witnessing anyway here in the religious rustbelt of Ohio..Bill_T.https://www.blogger.com/profile/18397378668348767511noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-63306196137173478292017-09-18T22:05:19.189-07:002017-09-18T22:05:19.189-07:00[Deleted and reposted to correct for a typo. ~~ Bo...[Deleted and reposted to correct for a typo. ~~ Bob]<br /><br />Veblen goods – http://en.wikipedia.org/wiki/Veblen_good<br /><br />[Excerpt: “Some types of luxury goods, such as high-end wines, designer handbags, and luxury cars, are Veblen goods, in that decreasing their prices decreases people's preference for buying them because they are no longer perceived as exclusive or high-status products.”]<br /><br />From The Wall Street Journal "Main News" Section<br />(September 18, 2017, Page A2):<br /><br />"New iPhone Tests Economic Theory"<br /><br />[Veblen goods]<br /><br />https://www.wsj.com/articles/how-apples-pricey-new-iphone-x-tests-economic-theory-1505660400<br /><br />By Josh Zumbrun and Tripp Mickle<br />"The Outlook" ColumnBob Henryhttps://www.blogger.com/profile/09099196210297757292noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-9258504201483788552017-09-18T22:04:03.508-07:002017-09-18T22:04:03.508-07:00This comment has been removed by the author.Bob Henryhttps://www.blogger.com/profile/09099196210297757292noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-48814050070171614382017-09-14T16:19:10.502-07:002017-09-14T16:19:10.502-07:00The Auto industry is in for a rude awakening as mo...The Auto industry is in for a rude awakening as most sales are funded by sub-prime loans. It is the mortgage crisis all over again, albiet on a smaller scale.<br />https://youtu.be/mFfWXtar1XY<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-10061923808481777442017-09-10T12:03:18.661-07:002017-09-10T12:03:18.661-07:00From Meininger Online
(February 15, 2017)
"D...From Meininger Online<br />(February 15, 2017)<br /><br />"Does Less Choice Lead to Higher Wine Sales?"<br /><br />Link: https://www.meininger.de/en/wine-business-international/does-less-choice-lead-higher-wine-sales<br /><br />By Robert JosephBob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-91681478585655693672017-09-07T10:29:53.843-07:002017-09-07T10:29:53.843-07:00"(What am I going to do this Sunday with Seas..."(What am I going to do this Sunday with Season 7 over?)"<br /><br />Um . . . read a book?<br /><br />(A "lean forward" instead of a "lean back" medium.)Bob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-58863449284803207272017-09-07T10:14:25.867-07:002017-09-07T10:14:25.867-07:00Jason - True allocated wineries are about as rare ...Jason - True allocated wineries are about as rare as dragon glass. But like dragons and white walkers, they do exist and retailers do complain about their allocations getting cut. Obviously nobody complains about missing their allocation on wines that don't move. (What am I going to do this Sunday with Season 7 over?)Rob McMillan rmcmillan@svb.comhttps://www.blogger.com/profile/12396624790174552807noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-27973985572591537352017-09-07T09:59:06.443-07:002017-09-07T09:59:06.443-07:00Unless the said "allocated" wine has an ...Unless the said "allocated" wine has an extremely high turn-rate and low path to resistance, I would be shocked if any wholesaler (big or small) would complain about not receiving allocations. We could probably count on one hand the brands that truly fit this mold still today.Jason Jardinehttps://www.blogger.com/profile/05733860769594995251noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-39633990319169941372017-09-06T22:16:50.796-07:002017-09-06T22:16:50.796-07:00I am on the receiving end of weekly e-mail offers ...I am on the receiving end of weekly e-mail offers from WineAccess, many touting wineries dropping their selling prices due to "cash call" demands.<br /><br />Example:<br /><br />2014 Trousse-Chemise Pinot Noir ArborBrook Vineyard Chehalem Mountains<br /><br />"$50/bottle on release. 62% off this morning on WineAccess — courtesy of a Sery Martindale blink and a banker’s cash call. Shipping included on 6."<br /><br />https://www.dontpayfull.com/at/wineaccess.com/newsletter/104-cases-usd-19-99-trousse-chemise-pinot-noir-arborbrook-vineyard-2014-1259129Bob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-77859216040383690232017-09-06T22:04:48.539-07:002017-09-06T22:04:48.539-07:00Regarding "The small winery with limited mark...Regarding "The small winery with limited marketing clout, without a prestigious long standing label, and with limited exposure in the wine press is particularly vulnerable now."<br /><br />See these articles on the difficulty of dealing with distributors, in a era dominated by lucrative spirits sales.<br /><br />(Recall the press reports that George Clooney and his partner's Casamigos tequila company commanded a purchase price of upwards of $1 billion.)<br /><br />Excerpt from Wine Spectator Online<br />(November 12, 2013):<br /><br />"West Coast Wineries Are Up for Sale -- Quietly”<br /><br />(A wave of recent deals show investors see opportunities in wine, while owners see an exit strategy.)<br /><br />http://www.winespectator.com/webfeature/show/id/49221#.UoI_yAMMzG8<br /><br />By Tim Fish<br />Senior Editor<br /><br />“. . . While small wineries can succeed by selling most of their inventory direct to consumers and large producers have muscle with wholesalers, those in the middle -- annual production of 5,000 to 15,000 cases, for example -- can’t get much attention from distributors unless the brand is hot.”<br /><br />-- And --<br /><br />Excerpts from The Gray Report <br />(July 31, 2017):<br /><br />"Wine trade secrets revealed at OIV Wine Marketing Program"<br /><br />http://blog.wblakegray.com/2017/07/wine-trade-secrets-revealed-at-oiv-wine.html<br /><br />"John Collins, CEO of a company called GreatVines that sells alcohol distribution software, started the week off with a slap in the face to all wine companies: 'None of the wine companies are getting any attention (from distributors). Period. Because the spirits companies are that important to the distributors.'<br /><br />"Collins compared the profit size of Diageo, a huge spirits company, to Jupiter. Gallo, the largest wine company, is Neptune. And if Gallo doesn't matter to a big distributor like Southern Glazer's, no wine company does. . . ."<br /><br />"The opposite of Constellation was a presentation by Bruno Walker, director of sales and marketing for Chambers and Chambers Wine Merchants, a California distributor with an outstanding fine wine portfolio. <br /><br />"Walker was one of several speakers to caution people that large distributors won't do much to sell wines by small wineries. <br /><br />" 'If your wine is not on some kind of special of the month, it won't sell' at a big distributor, Walker said. 'That sales person is not out making presentations of your wine. Their manager is telling them, you've gotta sell this and you've gotta sell that. That's how their bonuses work. That's how they're hired and fired.'<br /><br />"But Walker also chilled expectations for what a distributorship like his can do.<br /><br />" 'The reality is, I have 15,000 unread emails,' he said. 'Most people are really, really busy.'<br /><br />"He said that when his salesmen present wines to stores or restaurants, they only have about 45 seconds per wine. 'We have to be able to deliver a compelling story, quickly,' he said."<br />Bob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-11906153890422021152017-09-06T19:00:42.490-07:002017-09-06T19:00:42.490-07:00During my travels to small high-end (ie over $50 P...During my travels to small high-end (ie over $50 Pinot Noir and Chardonnay) wineries in CA and OR of late, I have heard from many that Dtc sales are down. I was surprised that many wineries had plenty of wines for sale back to the 2011 vintage. The small winery with limited marketing clout, without a prestigious long standing label, and with limited exposure in the wine press is particularly vulnerable now. Another observation is that premium Pinot Noir producers are currently offering their fall release and often following up with two or three emails reminding those on mailing list of the offering meaning wines did not sell out with initial offering.Prince of Pinothttps://www.blogger.com/profile/07141443203783455399noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-20783938543924736002017-09-06T15:56:35.402-07:002017-09-06T15:56:35.402-07:00Thanks for the replies. Good points.Thanks for the replies. Good points.Vineyard Financial Associateshttp://www.vineyardfinancialassociates.comnoreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-8804121096160773592017-09-06T15:42:47.220-07:002017-09-06T15:42:47.220-07:00Gabe - It's hard to draw conclusions from the ...Gabe - It's hard to draw conclusions from the indicative comments about the business of tasting rooms. I can't at this point say that sales in the tasting rooms are impacted but I've heard others talk about visitation being off. You have to juxtapose that with the information that occupancy rates, room prices, and tourism otherwise seem to be up. That's a hard one to reconcile if we really think tasting room sales are off. #TooSoonToSayRob McMillan rmcmillan@svb.comhttps://www.blogger.com/profile/12396624790174552807noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-42527804172189999222017-09-06T15:37:27.754-07:002017-09-06T15:37:27.754-07:00Gabe - all data has bias, including mine. You have...Gabe - all data has bias, including mine. You have to understand what the bias are, and as a primary data source, be transparent about what bias exist. I do question the month to month swings in reported DtC stats ... up 30% seems a reach for instance, but the direction of the longer term data trends seem good. I've talked with the folks compiling the data as well and I think on the whole, its as good a reflection on DtC as we can find. <br /><br />As far as DtC carrying higher margins, that's a commonly mistaken view. <br /><br />Net profit hasn't changed that much in the past 10 years while DtC has dramatically advanced at most wineries. People forget the direct sale has a ton of overhead that should be allocated to fairly compare the gross profit of direct vs 3-tier sales. That's never done and if it were, I'd say its about a toss-up.Rob McMillan rmcmillan@svb.comhttps://www.blogger.com/profile/12396624790174552807noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-44421646866992431242017-09-06T15:35:19.784-07:002017-09-06T15:35:19.784-07:00I'm hearing from tasting room folks around her...I'm hearing from tasting room folks around here in Healdsburg that this summer is considerably less busy than last year.Vineyard Financial Associateshttp://www.vineyardfinancialassociates.comnoreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-55060612644457106932017-09-06T15:13:42.130-07:002017-09-06T15:13:42.130-07:00Jeffrey - thanks for the comments. Great hearing a...Jeffrey - thanks for the comments. Great hearing a wholesaler's perspective on the street.<br /><br />I'm not sure what it means though. We hear both sides of the argument with some wholesalers/retailers complaining that they can't get allocated wine anymore... that producers are going instead straight to consumers and cutting middle-men out. On the other hand, we hear comments like this one too. How do we make sense out of it?<br /><br />I think both can be true. If the allocated wines are moving, you will buy them for resale. If the allocated wineries want to sell 100% direct and cut out retailers, they can do that too.<br /><br />I think two things are important to remember. <br />1) relationships matter - and they matter both ways. Producers and resellers of wine have to have a long view so give and take are important to consider.<br />2) brand building requires getting wine to the consumer in a consistent manner. If the wine is available one year and not the next, the consumer in that given region will replace the love of one brand with another available one.<br /><br />Thanks again for the post!Rob McMillan rmcmillan@svb.comhttps://www.blogger.com/profile/12396624790174552807noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-32862008505104565562017-09-06T13:09:25.765-07:002017-09-06T13:09:25.765-07:00Regarding the observation: ". . . wines retai...Regarding the observation: ". . . wines retailing from $50-$250 is very crowded."<br /><br />I assert that an "affordable wine" is priced equal to one's effective hourly wage.<br /><br />Excerpt from the Los Angeles Times “Food” Section<br />(April 14, 2011, Page E1ff):<br /><br />“$15 Wine the New Normal”<br /><br />http://articles.latimes.com/print/2011/apr/14/food/la-fo-economical-wines-20110414<br /><br />By Patrick Comiskey<br />Times Staff Writer<br /><br />"There are signs the American economy is improving, at least as far as wine shops are concerned. But if you think that means a return to the glory days of $150 cult Cabernets . . . well, not so fast.<br /><br />"Instead, most wine store owners . . . are describing a new normal, one in which the high-margin sales of wines in the $50 to $150 range are difficult -- indeed, some would say they're almost a thing of the past."Bob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-72890080939914671252017-09-06T13:07:02.881-07:002017-09-06T13:07:02.881-07:00[Deleted and reposted to correct a typo.]
Regardi...[Deleted and reposted to correct a typo.]<br /><br />Regarding the hope that "We, though, are confident a percentage of the wine market appreciates a local wine merchant with a discriminating palate . . ."<br /><br />The following underscore the importance of an "opinion leader" and "taste maker" on the sales floor, offering counsel to the consumer.<br /><br />Wine Opinions survey exhibit on what influences a wine purchase:<br /><br />https://1.bp.blogspot.com/-ZgHHdvhpGvg/WJvNd5wYcyI/AAAAAAAAGvU/87oXLHPBmSwICHyxOyp6dafu0EJAlReAQCEw/s1600/influences.tiff<br /><br />Trade media report on "how" consumers choose a bottle of wine in a retail store.<br /><br />Excerpt from MediaPost<br />(December 8, 2016):<br /><br />“40% Of Alcohol Beverage Buyers Make Their Decisions In-Store”<br /><br />http://www.mediapost.com/publications/article/290633/40-of-alcohol-beverage-buyers-make-their-decision.html?edition=98740<br /><br />“Fully 40% of U.S. consumers who buy alcoholic beverages haven’t decided what they’re going to purchase when they walk into the store, according to a new study from IRI.<br /><br />“Of the 60% who do have a planned beverage purchase, 21% end up changing their minds in store, and 50% of those who change their minds ultimately buy a different brand than they originally intended.<br /><br />“All of which points to ‘immense’ opportunities for alcohol manufacturers to find new pockets of growth by engaging and influencing consumers while they’re in the store, point out IRI’s analysts."Bob Henryhttps://www.blogger.com/profile/02089688073031173053noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-78401073838635582017-09-06T11:51:59.935-07:002017-09-06T11:51:59.935-07:00As a Wisconsin wholesaler, we are certainly experi...As a Wisconsin wholesaler, we are certainly experiencing this wine deceleration. Wine shipments to the State are down 0.08% thru June. Most telling is that Overwine shipments, the playground of high-end Napa wines, is down 5.6%.<br />Wines over $50 retail are mostly glued to the shelves. Wines over $100 on a wine list are collecting dust. Pedigree and scores don't count anymore.<br />As wineries release their allocated wines this Fall, we'll be buying less of them, or none of the ones where we're still sitting on last Fall's allocations.BourbonWinehttps://www.blogger.com/profile/04849234023589645676noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-649640086853260542017-09-06T11:43:38.016-07:002017-09-06T11:43:38.016-07:00If I'm Jon, all I should be worried about is N...If I'm Jon, all I should be worried about is NOT finding out that Daenerys is actually my Dragon riding Aunt! <br /><br />Who doesn't watch Game of Thrones?Jason Jardinehttps://www.blogger.com/profile/05733860769594995251noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-60710640877047780102017-09-06T09:39:28.174-07:002017-09-06T09:39:28.174-07:00The short story regarding on-premise vs off-premis...The short story regarding on-premise vs off-premise pricing is for off-premise, wineries worry about pricing power in the retail market, it's not just about market share. The winery is also concerned that if they are from Healdsburg, as I am, that they may visit the winery and your wine shop. The consumer may see a huge pricing discrepancy between the winery retail price and your retail price (off-premise) that they would not see in a restaurant (on-premise).<br /><br />Using your example $240cs on premise will probably be a BTG wine at a restaurant in SF or sold by the bottle for $70, with perhaps a 3 case minimum. If the winery sold to you for the same price as the restaurant (on-premise)and you sold it for $30/btl retail or even $40 retail that would undercut the price at the winery and the price at the restaurant. The consumer would then buy the wine at your store for $40, take it to the restaurant and pay the corkage of $25 and still get the wine cheaper than the restaurant price of $70. And if you're a regular customer of the restaurant, they may even waive the corkage.<br /><br />So the winery has a choice to make, establish a relationship with the retailer, one case at a time and hope you get behind it or drop three cases of BTG wine at a restaurant and expose the wine to more mouths in a week and potentially get a re-order of 3 cases every two weeks if the staff get behind a "new" wine.<br /><br />It's tough for us boutique wineries from a cost versus exposure standpoint. Some of my on premise retailers, like yourself, price check my wines in front of me on the internet with Vivino, Cellar Tracker, etc. You want the best possible price, I get it.<br /><br />Off Premise Retailers are put in a tough spot because of the internet and online retail discounters. Many of my customers are just like you. I offer wines to you, as the off premise retailer, that I don't offer restaurants. That's the only way I can keep pricing appropriate for both markets, off and on premise. They have to be treated differently, because your business models are different.<br /><br />Not every winery or wholesaler has come to the same conclusion.<br /><br />Nice insights on the Scarcity Tax. I tend to agree. And economically, there's no way a winemaker based in Sonoma County could sell you a wine wholesale under $10 and expect to make any profit or a living as a winemaker. With customer crush fees over $1000/ton and fruit costs of $2500/ton or higher there's no way that happens.Anonymoushttps://www.blogger.com/profile/16021406652270203430noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-63216695592187504142017-09-06T09:05:50.061-07:002017-09-06T09:05:50.061-07:00From an observer in Napa Valley... My totally unsc...From an observer in Napa Valley... My totally unscientific observation is that there were fewer limos/buses driving up and down Napa Valley this summer and smaller lines waiting at Gott's Roadside in St Helena during the lunchtime rush. Having watched visitor traffic patterns and the fluctuations both pre and post recession, that seems like a sign.Cherylhttps://www.blogger.com/profile/09399353677299475134noreply@blogger.comtag:blogger.com,1999:blog-941731830705031230.post-86345173959469746722017-09-06T08:08:41.117-07:002017-09-06T08:08:41.117-07:00I'm a dinosaur...independent retailer in the S...I'm a dinosaur...independent retailer in the San Francisco Bay Area. We are viewed by many wineries not as their ambassador, but as a competitor. This is foolish in my view. Sales in the $5-$10 are strong, as are sales from $10-$20. From $20-$40, things seem to be okay...the notion that $50 is "everyday wine," though, a dynamic we see from many Napa vintners, is mistaken. And the "elevator" for those wines retailing from $50-$250 is very crowded. In attending recent trade tastings I can report there is great optimism on the part of many wineries which offer $75 bottles of Sauvignon Blanc and $200 bottles of Cabernet. When queried about the elevated pricing, we routinely hear "We only made XX-number of cases." We call this the "Scarcity Tax" and only a small percentage of consumers is interested to pay that. I wish I could say the wines were truly superior, but in fact, not many offer more complexity than similar quality wines selling for $20 to $50. We, though, are confident a percentage of the wine market appreciates a local wine merchant with a discriminating palate and who knows the value of a Twenty Dollar bill. Navigating the choppy waters of wine is more difficult today than ever, though. And we see producers hoping to sell us wine at full wholesale pricing, while they sell to chains at such low price levels their wines can be purchased by consumers for less than the normal wholesale price! (A winery just showed us a Chardonnay...$292 front line. $240/case on three. Yet a chain store is retailing the same wine for $18 a bottle.)<br /><br />There's also the remarkable dynamic of offering "on premise" pricing as dramatically lower prices in hopes of gaining market share. One (more than one, actually) Napa Cabernet producer asks $400/case wholesale to retailers for a wine they can afford to sell to on-prem accounts for $240/case. It seems part of the challenge of wine marketing is the wholesale level is in total chaos. <br /><br />This is not a good period for the faint of heart.Unknownhttps://www.blogger.com/profile/08584622822476730756noreply@blogger.com