How To Negotiate With Liquor Store Vendors

Posted by Karen Erdelac on Jul 17, 2018

wine-How To Negotiate With Liquor Store Vendors“It is the successful retailer that has learned how to play the game of give and take with their suppliers.” – The Balance

As a liquor store owner, knowing how to negotiate with liquor store vendors can have a tremendous impact on your bottom line.  Not only will the savings help to reduce inventory costs, it allows you to offer better pricing.  This will enable you to compete with larger stores and offer a better variety.  Negotiating is an art form.  Here are just a few ways to gain leverage with your vendors.

Single Supplier

If you purchase a large percentage of your inventory from one supplier you stand a much better chance at receiving lower bulk rate pricing.  Buying in bulk is always to your advantage as long as you properly track your inventory.  Continued heavy volume business gives your liquor store the leverage it needs to negotiate prices across the board. 

Quote The Competition

Letting your suppliers know you’re shopping around and quoting lower price points from the competition is one of the best ways to persuade your vendors into offering a better deal.  Detailed online research and networking with fellow liquor store owners can give you the knowledge you need to negotiate a better deal.

Long-Term Contracts

Long-term contracts protect you from large price increases and can lock you into discounted rates.  Be sure to do your research before agreeing to something long-term as not doing so could lock you into a bad deal.  The prospect of locking in future business is generally enough to get suppliers to drop their prices.

Fewer Deliveries

The fewer times your vendors need to fulfill your orders, the less money you’ll spend.  Fewer orders are cost effective for your suppliers and with proper negotiations that savings can be passed on to you.  Condensing your orders while paying close attention to product use can make your deliveries more efficient and less costly.

Managing inventory costs can make or break your business.  Learning how to negotiate with vendors is the first step in doing so.

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Topics: Liquor Store