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ADVISOR T H E THE NATION S LEADING LIQUOR STORE LICENSE RESOURCE M A W I N E G A S A L E S Z I N S T R U G G L E With Millennial Interest Lagging W E L C O M E A N D B A C K T R A V E L T O U R I S M Tis the Season for Opportunities S P I R I T S A R E H I G H Whiskey s Popularity Continues in 2022 C E L E B R A T I N G 2 0 Y E A R S Dan Newcomb Celebrates 20 Years in the Liquor Industry ISSUE 14 APRIL 2022 E

CEO s Note As we start a new quarter in 2022 is that cautious optimism rearing its head again Looking For Featured Liquor Store Listings CLICK HERE Page 4 Wine Sales Struggle With Millennial Interest Lagging The more things change the more they stay the same After 20 years in the liquor industry even though the industry seems to be changing the relationships we ve made along the way are second to none We are coming up to the 20th anniversary of officially entering into the liquor license industry and to say it has been rewarding is an understatement From restaurant and liquor store owners to lawyers and industry stakeholders we appreciate all of you for trusting us as your advisor on your liquor license journey Page 7 Welcome Back Travel and Tourism Tis the Season for Opportunities Page 8 Spirits Are High Whiskey s Popularity Continues in 2022 Page 11 Celebrating 20 Years in the Liquor Industry Who knows what the next 20 years will bring Sincerely DAN NEWCOMB Founder CEO Liquor License Advisor THE ADVISOR MAGAZINE 2 www LiquorLicenseAdvisor com Liquor License Advisor has been a trusted resource in the liquor store and license industry since 2002

byDan NewcombAlthough the cap on liquor licenses for food stores is not being lifted,Massachusetts package store owners have proposed a compromise: stateliquor licensing laws to double the number of allowable licenses that anyone retailer can hold to 18 by 2031.The increase would be structured as follows:· from 9-12 in 2023· to 15 in 2027· to 18 in 2031The cap on licenses for the sale of all alcoholic beverages (beer, wine, andliquor) would be reduced from 9 to 7. Changes are coming to the industry as theliquor industry is brought up to date, but whatwill they be?THE ADVISOR MAGAZINE  | 3www.LiquorLicenseAdvisor.comThe Massachusetts FoodAssociation representingsupermarkets;The New England ConvenienceStore and Energy MarketersAssociation;Cumberland Farms;Whole Foods;Retailers Association ofMassachusetts.Additionally, the proposal would putnew rules into place prohibiting self-checkout of alcoholic beverages andallowing retailers to accept out-of-stateIDs.Opposition: The initiative is beingopposed by multiple food industrygroups, including:May 4: Legislature must act on thepetition before proponents will go backinto the field to collect the remaining13,374 voter signatures required toqualify for the November ballot.July 6: Signatures must be turned in toSecretary of State William Galvin tostop the question from appearing onthe ballot.Robert Mellion, executive director ofthe Massachusetts Package StoresAssociation, states that, “This ballotinitiative creates 18 licenses for out-of-state interests who have been seekingunlimited licenses for 20 years. That’sa compromise.” ~

by Dan Newcombwww.LiquorLicenseAdvisor.comTHE ADVISOR MAGAZINE  | 4Dan Newcomb is Founder & CEO ofLiquor License Advisor & has been in theindustry for more than 20 years.With Millennial Interest Lagging

THEY RE JUST NOT THAT INTO YOU The next time you uncork a bottle of your favorite cabernet or sauvignon blanc ask yourself if seeing the nutritional information listed on the back changes the experience for you Would the experience be less enjoyable because you were concentrating more on the sugar content and calories per serving than the hints of cherry in your pinot noir or the smooth taste of your chardonnay How important are a winery s social and environmental convictions to you and would knowing them affect your consumer behavior Current data indicates that millennials who have a large impact on the alcohol industry prefer having the nutritional social and environmental information presented to them and they aren t getting it from the wine industry Wine sales and interest are both lagging the increasingly popular seltzer and ready to drink cocktails and it appears that the culprits behind this shift are millennials A recent New York Times article reveals concern over the current state of the wine industry and according to the article millennials are not drinking enough wine Baby boomers and their tendency to opt for wine has led to a healthy wine market in the past however as these boomers reach retirement age they have less influence on the market because they aren t spending as much Millennials on the other hand do have much more influence on the market and have an agenda as a health conscious socially aware environmentally concerned generation Rob McMillan an executive vice president of Silicon Valley Bank in Santa Clara California and a long time analyst of the American wine market states that Sales of American wine could plummet by 20 in the next decade and this decrease could be because the wine market has not addressed millennial concerns yet THE ADVISOR MAGAZINE 5

“It [the wine industry] has failed to recognize the changingdemographics that millennials represent,” according to the article.McMillan suggests that in an effort to adapt to what millennials want,winemakers could list ingredients and nutritional information, forexample, or make their social and environmental values clear.Millennials are a generation of hard seltzer and premade cocktail fans,less often opting for the glass of wine than for their can of choice. Theyare not only making a stance on noting that their calories count, butthey also want to know how and where these calories were made - -and wine producers haven’t offered that information yet. They alsohaven’t made professing their social and environmental views apriority, which apparently has not settled well with this extremelyhealth-conscious, socially and environmentally aware generation.Another factor contributing to the decline in wine sales amongstmillennials is that wine tends to be a more expensive beverage option,whereas hard seltzers, RTD cocktails, and craft beers are lessexpensive, and millennials are generally more financially burdened thantheir parents. Millennials are entering a world where everything costsmore, including their education and homes, and they will cut costswhere they can.As more “organic”, “sugar-free”, and “low and no alcohol” wines appearon the shelves, it does cause consumers to take pause and considerwhy these options are suddenly appearing. The future of the wineindustry is yet to be determined: Will shelves will soon be lined with“healthier” wine varietals, with declarations of environmentalresponsibilities and social commitments plastered on their bottles? Dowine lovers want that? Does the wine-loving generation have enough ofa market pull to maintain wine’s classic image? The verdict is out, and upcoming trends and sales will tell. ~THE ADVISOR MAGAZINE  | 6

W WE EL LC CO OM ME E B BA AC CK K T TR RA AV VE EL L T TO OU UR R II S SM M TIS THE SEASON FOR OPPORTUNITIES BY MICHELLE HANSFORD Significant opportunities are arising for on premise owners as travel and tourism have been consistently increasing With the COVID 19 regulations loosening and society resuming pre pandemic activities there is evidence that presents a promising future The New York Times recently wrote an article regarding the roaring rebound in the travel and tourism industry highlighting the major themes Reported in the article Yes city travel is back After more than two years of avoiding urban centers travelers are eager to return to their favorite metropolis and swan dive into the sights bites and sounds of a city that is not their own THE ADVISOR MAGAZINE 7 CGA surveyed 2 000 consumers from all over the United States for their most recent on premise impact report which focused on the increase in travel and hotel visitation The report from March 16th stated Meanwhile in Massachusetts The MA Office of Travel and Tourism recently announced that the Travel and Tourism Season Extension Grant Program is open The grant s goal is to strengthen the state s economy with the potential to This month s research increase domestic visitation and therefore enhance the tourism highlights that overall visitation industry season remains consistently high and that occasions such as St Patrick s Day and Spring Break will drive increased footfall and hotel visitation The majority of US consumers are eager to visit the On Premise in the near future with 4 in 5 consumers intending to visit bars and restaurants within the next two weeks After two tumultuous years for the on premise it s now time for them to seize the opportunities that lay before them as customers gear up for warmer weather fewer restrictions and a bucket list of places to go and finally people to see

A March 10, 2022 CGA report provided by CGA Client Director, Americas,Patrick Bannon, highlights recent U.S. trends in sales and consumerbehaviors and how the very recently struggling On Premise can profitfrom understanding the growing interest in the whiskey category.The report shares some interesting numbers: CGA’s On PremiseMeasurement (OPM) research reveals that whiskey sales in the U.S.are now leveling off with popular vodka, enjoying 26% of sales involume. And in the latest quarter, whiskey sales grew an astonishing98% year-on-year, with American whiskey leading the pack (as 53% ofwhiskey sold in the U.S. On Premise), with Canadian whiskey coming insecond, Irish whiskey at third, and Scotch and Japanese whiskeycoming in fourth and fifth. Also interesting to note is that whiskey iscurrently the third most popular base for cocktails within the U.S. OnPremise, trailing only tequila and flavored vodka.So what does this growing interest in whiskey mean for On Premiseoperators? First and foremost, it is important that operators note theoverall growing interest in cocktails, whiskey-based and other. CGA’sreport appropriately points out that “Whiskey has long appealed as astandalone drink, but the surge in cocktail sales in the U.S. – as well asaround the world – has opened up exciting new potential.” Accordingto the report, whiskey drinkers are drinking and eating out at leastweekly, and their average income is generally higher; therefore,operators can capture this consumer base during one of their nightsout and can experiment with different price points for these customers.On Premise operators should also note that consumers tend to enjoywhiskey as more of a fall and winter drink, and that they can capitalizeon the interest in whiskey during these periods and showcase howwhiskey can be enjoyed in warmer weather cocktails as well.THE ADVISOR MAGAZINE  | 8

Whiskey producers can also optimize this growing interest by ensuringthat they stay relevant and recognize the values of the youngerpopulation, as whiskey is currently not proving to be just an “olderperson” drink. Data shows that whiskey is popular across thespectrum, with 39% of consumers within the ages of 21-34; 44% ofconsumers within the ages of 35-54; and only 17% of consumers are 55+. Producers need to target their marketing accordingly. Research alsoshows that whiskey drinkers are typically men, which leaves the dooropen to market more towards the female population, while alsocontinuing to appeal to their current market.It is also interesting to note that the top five whiskey brands composenearly half of all volume in sales, which means that there is plenty ofroom for smaller, perhaps less known brands to step in and reap someof the benefits of whiskey’s current popularity.With restrictions lifting and consumers making their way back to the OnPremise, it is more important now than ever for On Premise operatorsand whiskey producers to pay attention to what consumers are askingfor. Many On Premise operators did not come out to see the other sideof the pandemic, and for those who did, hopefully they see the potentialof whiskey and can cash in after a difficult two years.Don't Have A Plan In Place For 2022?Give us a call to find out what your options are. 781.319.9800THE ADVISOR MAGAZINE  | 9SPIRITS ARE HIGH: WHISKEY'S POPULARITY CONTINUES TO GROW IN 2022

OUR FEATURED LISTINGS by Ben Jerrom WANTED Boston S12 All Alcoholic Beverage License Liquor License Advisor is looking for a Boston S12 All Alcoholic Beverage License for sale We have a client with interest for immediate purchase If you are wondering what your license is currently worth or considering selling reach out to Ben Jerrom Call Call For For Information Information Listing Type Location Asking Price Full Alcohol Package Store Norfolk County MA 1 200 000 Full Alcohol Package Store Plymouth County MA 550 000 Full Alcohol Package Store Worcester County MA 295 000 Full Alcohol Package Store Plymouth County MA 550 000 Package Store License Wine Malt Westborough MA 85 000 Type 44 Plenary Retail Distribution License Teaneck NJ 220 000 Contact Ben Jerrom directly for further details on all of our current listings QUESTIONS ABOUT LISTINGS Call Text Ben Jerrom Partner Buyer Specialist Cell 413 544 4960 THE ADVISOR MAGAZINE 10

T h i s w o u l d n o t b e p o s s i b l e w i t h o u t y o u . . .Thankyou

Did you know that for over 2 decades, our Founder, Dan Newcomb, hasbeen in the liquor license industry as the "go-to" for other industryprofessionals and leaders? Every phone call that comes into our office is about a liquor license. Wedon't work in any other industry besides liquor stores and licenses.We provide owners with a "firewall" to protect them from all of the pitfallswe know are out there throughout a transaction because we know how toprepare the deal and navigate the waters. We're here for you.Dan NewcombCEO & FounderBen JerromBuyer SpecialistJennifer MedicoTransaction SpecialistGlenn LawlerSeller SpecialistMichelle HansfordSeller ConciergeSherri BeauchampMarketing Specialist

© Liquor License Advisor 2022, All Rights Reserved Unless Otherwise NotedSpecial Contributions & Acknowledgements:- Features Editor & Editorial Assistant: Michelle Hansford;- Magazine & Digital Editor: Sherri Beauchamp.THE ADVISOR MAGAZINE  | 13Entering A New Era? (Page 3)1 - March 15, 2022 MassLive.com article entitled “Massachusetts Package Stores Association proposes to double liquor licenses available to any one retailer” by Matt MurphyWine Sales Struggle With Millennials Interest Lagging (Page 4)1 - February 10, 2022: The wine business sees a problem: Millennials aren’t drinking enough by Eric Asimovhttps://www.boston.com/food/food/2022/02/10/the-wine-business-sees-a-problem-millennials-arent-drinking-enough/Welcome Back To Travel And Tourism (Page 7)1 - Increase in travel and hotel visitation presents big opportunities for drinks brands, On Premise Sales Report by CGAhttps://cgastrategy.com/increase-in-travel-and-hotel-visitation-presents-big-opportunities-for-drinks-brands/Spirits Are High: Whiskey's Popularity Continues In 2022 (Page 8)1 - March 10, 2022 CGA report provided by CGA Client Director, Americas, Patrick Bannon https://info.cgastrategy.com/hubfs/AMERICAS/Whiskey-US-report-V2.pdf

The Advisor Magazine runs on a monthly basis to keep stakeholders in theliquor store & liquor license industry in the loop.Liquor License AdvisorSuite 1, 2036 Ocean Street Marshfield, MA 02050 781.319.9800www.LiquorLicenseAdvisor.comCome back for Issue #15 which will reveal the currentstate of the industry, how trends are shaping up leadinginto the Summer and more.