My overall point is that aiming at a particular average liquor cost is too simple of a strategy. Both of these bars are successful and while their liquor costs are very different, what they have in common is that they have carefully designed a business offering around their unique locations and clientele. The second bar is in a more price sensitive market where you can buy $2 draft beers all day everyday. While they haven’t fallen into the trap of simply trying to compete on price, they have targeted their offering according to a shrewd assessment of their audience. They offer an overall experience that people are willing to pay a little more for. The first bar is in a prime location in a town which has many visitors with plenty of money to spend. While $10 specialty cocktails aren’t for everyone, bar number one is in a location where there is an audience that appreciates the finer things. The fact that they are able to add value to their product through inventive mixology is ultimately how they can run such a low liquor cost. Another important factor in common at both of these bars is using a liquor inventory system which allows them to precisely track the performance of individual products. In both cases implementing an effective liquor inventory system has contributed by reducing their inventory shrinkage down to a few percentage points.
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