Business of Drinks 102: What’s Really Driving Growth at a $50M Independent Retailer - With Jon Halper of Top Ten Liquors - Business of Drinks
What does growth actually look like inside today’s liquor stores — and where is it no longer coming from?
In this episode of Business of Drinks, Jon Halper, CEO and owner of Top Ten Liquors, offers a rare operator-level view into how consumer behavior is evolving across wine, spirits, beer, non-alcoholic, and THC-adjacent categories — and what those shifts mean for brands trying to win at retail.
Top Ten Liquors operates 15 stores across Minnesota and generates more than $50 million in annual sales, giving Jon a front-row seat to category change at real scale. From that vantage point, he challenges a core industry assumption: That consumers shop by category. Instead, Jon sees shoppers choosing based on occasion, mood, and desired effect — and flexing between alcohol, lower-alcohol, non-alcoholic, or THC products depending on the moment.
For traditional alcohol brands, Jon explains why growth is no longer reliably driven by classic trade-up behavior. Premiumization still exists, but it’s uneven and episodic, while frequency and basket size are under pressure. He discusses how GLP-1 drugs are already influencing drinking behavior — particularly among higher-income, health-conscious consumers — reducing consumption occasions rather than eliminating them outright.
That shift toward intentional consumption is showing up across emerging categories as well. Jon shares how format and function are becoming critical growth levers, whether that’s single-serve spirits, lower-dose options, or non-alcoholic products that fit specific occasions rather than trying to replace alcohol entirely.
Within THC, he offers a concrete example of how this plays out at retail: Edibles now account for nearly 25% of Top Ten’s THC sales, while beverage remains the primary entry point. Importantly, he frames this not as category cannibalization, but as incremental behavior driven by use case — a pattern brands across all drinks categories should be paying attention to.
For brands, distributors, and investors, Jon outlines what retail partners now expect: Smarter assortments over more SKUs, depth in fewer markets, and execution that reflects how consumers actually shop today. He also frames alcohol as a cyclical category in a slower phase, arguing that the companies who adapt during this period will be best positioned when growth returns, potentially post-2026.
If you want a grounded, data-backed view of how adult beverage growth is actually being built — and constrained — at the point of sale, this episode delivers.
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Business of Drinks:
Erica Duecy, co-host: Erica Duecy is founder and co-host of Business of Drinks and one of the drinks industry’s most accomplished digital and content strategists. She runs the consultancy and advisory arm of Business of Drinks and has built publishing and marketing programs for Drizly, VinePair, SevenFifty, and other hospitality and drinks tech companies.
Scott Rosenbaum, co-host: Scott Rosenbaum is co-host of Business of Drinks and a veteran strategist and analyst with deep experience building drinks portfolios. Most recently, he was the Portfolio Development Director at Distill Ventures. Prior to that, he was the Vice President of T. Edward Wines & Spirits, a New York-based importer and distributor.
Caroline Lamb, contributor: Caroline is a producer and on-air contributor at Business of Drinks and a key account sales and marketing specialist at AHD Vintners, a Michigan-based importer and distributor.
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