After sharing an ambitious growth strategy to bolster its physical and online retail presence, Paramount Retail has acquired two Sydney bottle shops under the Barrel & Batch trading arm.
Enhancing its omnichannel experience, the retailer has purchased Darlinghurst Fine Wines and Paddington Fine Wines from the Neighbourhood Cellars group, which have operated under the long-term stewardship of Stephen Harris until now.
Leigh Rowe, CEO of Paramount Retail, told National Liquor News the existing reputation of the two stores as premium bottle shops presented an attractive proposition for the group, both being in prime locations with highly engaged and loyal customer bases.
“These stores have incredible character and authenticity which is a great fit for the Barrel & Batch brand,” he explained.
“Barrel & Batch has already won the premium customer through our successful ecom store. We’re very excited to already have five Sydney locations for Barrel & Batch customers who love to browse in person.”
Expressing his satisfaction with the sale, Harris added: “I am pleased to see these stores transitioning to the capable hands of a professional organisation. This will ensure their continued success and a seamless experience for their loyal customers.”
With plans to add more than 25 stores to the Barrel & Batch network in the next three years, the Paddington and Darlinghurst stores join the Alexandria, St Peters and Marrickville locations which were acquired in October.
Operating alongside convenience-led brand Bottle Stop, the Barrel & Batch network will focus on premium liquor with curated selections of wines, spirits and craft beer.
Sharing plans to enhance the premium offering in Paddington and Darlinghurst, Rowe said: “Along with continuing to build the premium and super premium wine selection, we have an extensive range of rare and exclusive spirits. Our single barrel whisky picks in particular will make these stores a drawcard destination for any enthusiast.
“And we’re developing our click and collect offering, which means over 5000 rare, interesting, imported, exclusive or premium products from our online store, brought to your local for free.”
On Friday 20 December, signage for both stores will be updated to align with Barrel & Batch branding as summer trading continues. While the group doesn’t plan to make any drastic changes initially, ensuring continuity for customers, Rowe says the stores will be digitised with a new POS and electronic ticketing in the new year.
“All stores across the group will have these elements to support scan deals and accurate data, which is a great win for our supplier partners, and to offer a best-in-class loyalty program, which our customers are eagerly awaiting,” Rowe continued.
While the acquisition aligns with Barrel & Batch’s strategic expansion plan, Tom Cullen, Director of Sales at MQ & Associates, who managed the transaction, says it is representative of the highly dynamic liquor store real estate market.
“The sale reflects the increasing demand for premium assets in the liquor store market, with a multitude of qualified buyers actively competing for opportunities,” he stated.