Top 100 Retailers 2024
Top 100 Retailers 2024
The new location for Gold ’ s Wine & Spirits will be move-in ready by late summer 2024 .
The inside construction of the new location is coming along nicely and will be able to house significantly more wine , beer and spirits than before .
tor that has helped the liquor store gain traction is by specializing in yacht delivery . Known as the “ sailing capital of the world ," Newport is home to some of the largest — and the largest number — of yachts in the U . S .
“ We provide water and all drinks for yachts , so we are a one-stop-shop for most of them ,” says Gold .
The liquor store ’ s delivery business drives quite a bit of revenue . Through their website and app , Gold says they ’ ve developed a huge following .
“ Our app came out about two-and-a-half years ago , and it allows us to service outside of our primary market ,” he explains . “ We ’ re in Middletown and Portsmouth , and we can even drive an extra 10 minutes outside of our market area to service those extra customers .”
SEO has been instrumental in capturing business from tourists who come to the area . Gold says they heavily invest in SEO , so when a tourist searches for nearby liquor stores , the Gold ’ s Wine & Spirits website and app pop up .
THE RHODY BARREL BROTHERHOOD
Gold also manages to attract customers with the store ’ s Rhody Barrel Brotherhood barrel group , which just so happens to be the largest in Rhode Island . Through this program , they ’ ve managed to move over 40 barrels in two years .
“ We ’ re doing our 50th barrel right now , which adds a ton of revenue to the store ,” he says . “ For all the customers in our barrel group , we do a rare bourbon raffle twice a year . Everyone gets punch cards , and once you ’ ve bought eight barrel picks , you get a chance to wait in line and pick out one allocated item that you like .”
Gold explains that the bourbon is first come , first serve , and customers can buy these allocated spirits at retail . With how insane the secondary market has gotten , it ’ s a great way for spirit-lovers to get their hands on rare bourbons for decent prices .
“ We usually attract around 100 people for every raffle , which helps to drive traffic to our barrel group ,” notes Gold .
FUTURE GROWTH
The revenue that Gold ’ s Wine & Spirits has been bringing in over the past nine years inspired Gold and his wife to purchase land to build a new location for the liquor store .
“ We purchased the land because we would like to invest in property for ourselves instead of renting ,” he explains . “ I ’ m excited about moving into a much larger and new location . It ’ s a dream that I ’ ve had to buy property and attach my store to it . After working hard , we were finally able to do it .”
The new location will be around 7,000 square feet — a nice upgrade . Gold says construction should be finished in late July or early August of this year .
“ We plan on moving in after Labor Day since Newport is very seasonal and our private wealth clients will keep us insanely busy ,” he notes . “ But this is cool , because I ’ ve always wanted to own a property , and now we get to build the new store with the money we ’ ve saved . This will definitely help our business to grow and to better serve the community .” www . beveragedynamics . com 2024 Top 100 Issue • Beverage Dynamics 19