A modernised Wine Society wants to raise awareness, attract new members, and introduce more own-label wines as it approaches its 150th anniversary, according to its CEO, Steve Finlan.
Speaking to the drinks business at the The Wine Society’s first ever press dinner in London last week, Finlan said that the retailer, which is owned by its customers, was ready to make a series of changes following a period of significant investment. “We are now in a position where we can afford to do business properly,” he said, adding, “We have a bit more cash now.” This follows a £40m investment since Finlan joined the mutual, mail-order wine business back in 2018, which has been spent on restructuring the retailer’s IT system and building a fifth warehouse for wine storage – ensuring it no longer needs to rent outside space, which it was doing at a cost of £1 million per year. As Finlan said, “Our wine range was in a really good shape, but the business wasn’t.” Continuing, he admitted, “We were struggling for space, and we had to re-platform our website.” Now, however, he said, “We are a very efficient, modern retailer that is able to create ever better value for our members.” This includes free delivery on wine ordered in any quantity, and reduced margins on wine following the retailer’s decision to hold prices despite duty increases in the UK, which saw 44p added to a 75cl bottle in August. “We were planning to reduce prices, but, because
This Article was originally published on The Drink Business - Wine
