Exclusive: Binny’s Plans 50,000-Square-Foot Superstore In ChicagoJune 12, 2013
Chicago-based Binny’s Beverage Depot has just signed a deal to dramatically expand its 33,000-square-foot Lincoln Park store, the former Sam’s Wine & Spirits, by leasing two adjacent buildings.
The $3 million renovation begins in July and will expand the Lincoln Park location to 50,000 square feet, making it one of the largest beverage alcohol superstores in the world. “This represents a key strategic investment,” said Binny’s owner Michael Binstein, who’s projecting annual revenues of $50 million from the new superstore.
The current Lincoln Park operation will remain open during construction, which should be finished by late October. Binstein expects to debut the new superstore in early November. Included in the new location will be a wine and craft beer bar, for which the company has acquired a special on-premise license.
Last year, the 29-unit Binny’s expanded outside the greater Chicago market by opening two new superstores in Champagne and Bloomington-Normal, Illinois. Binstein estimates that revenues for Binny’s 2013 fiscal year ending August 31 will total $330 million, up 18% from last year’s $280 million.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.