Posted November 14th, 2017, 05:35 PM
Steelers, this is excellent work. Thank you. I also must add that just your expository OP represented a lot of work. Again, thank you for your thoroughness.
I am a data geek, and I love spreadsheets. For anybody who is not interested in bringing their own wine aboard--and there are numerous perfectly understandable reasons for that--this spreadsheet does give some good insights on strategizing wine list decisions.
I added a calculation in an available column of the Princess wine list markups. I don't think anything suprised me, but to share some of my findings:
- On average Pincess wines are marked up 122% over the retail price. So, on average the Princess price is more than twice the "street price." In my experience this is a bit more than the average markup in a shore-based restaurant. In a shore-based restaurant, I expect wine list prices to be about twice "street price." So, 100% markup. Also, I know there is a lot of variation. The wine list markups in Las Vegas strip restaurants start at 200%.
- The least markups on the Princess price are for the more expensive wines. For the most part, if a diner is willing to look at a wine that is more than $100 on the wine list. The markup for those wines is not bad. The two best "deals" are the Ornellaia Super Tuscan and the Overture Napa Valley blend. The markup on both of those is less than 8%. The least attractive over-$100 wine on the list is the Opus One with a markup of 98% (still, slightly less than double "street price").
- The flip side, of course, is that there is a HUGE g-factor on the lower-priced wines. Those Robert Mondavi Private Selections and the Woodbridges have markups between 350 and 500%. Other winners (or, if you prefer, losers) are the Rex Goliath Moscato at 442% and the Clos du Bois Chardonnay at 402%.
So, here's the funny thing. If you order a bottle of, say Robert Mondavi Reserve Cabernet Sauvignon for $140 in one of the Princess dining rooms or restaurants, the waiter and the headwaiter will fuss over you and give you a lot of attention for the rest of the evening. However, the corporate financial guys are much more excited about the orders for the $28 Woodbridge Zins. They are making an absolute killing on that one.
Also, consider wines by the glass. Most restaurants, and Princess, serve five glasses of wine per bottle. So, if they are charging $8 for a glass of that White Zin, the per bottle revenue goes from $28 to $40. Sweet.