How have New Yorkers been coping with this week’s market meltdown, by drowning their sorrows in alcohol of course. Local liquor stores have seen a noticeable uptick in business this week, particularly in spirits sales.
Unfortunately, financial calamity means buyers have been looking for bargains, so overall revenues have remained flat.
Crain’s New York: This week, New Yorkers have been going home to have a good, stiff drink.
“Vodka and scotch sales are up, there’s no question about that,” said Chris Adams, executive vice president of Sherry-Lehmann Wines & Spirits, on 59th Street. He says that traffic in his store has increased this month—over the counter sales are up 23%, and delivery volume is up about 18%, compared to last year.
But, he added, revenues have remained flat.
“We have more people coming in, and people are buying more wine and liquor, but they’re trading down,” he said.
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