Interview, Part 2: Jeremy Noye, President and CEO, Morrell & Co.August 10, 2017
In the second part of our interview with Jeremy Noye, the chief executive of New York retailer and wine bar Morrell & Co. discusses the biggest challenges facing the company in a competitive fine wine market, as well as expansion opportunities for the future.
SND: What key challenges has Morrell confronted recently, and how have you addressed them?
Noye: Four or five years ago, we analyzed who we were, and we decided we can’t be everything to everybody, and there’s nothing wrong with that. It made sense to focus in on a smaller amount of wine and the high-end segment of the market, rather than try to cover the entire world of wine and offer everything at every price point. That was a bit of a learning curve, getting ourselves internally wrapped around a new focus. It also involved education toward some of our client base as well. But we’ve gotten through that period and our clientele understands who we are.
SND: Since sharpening your focus on Morrell’s mission, what’s next?
Noye: We have an auction permit. We used to conduct auctions, but right now we’re not doing that. We stopped holding them a couple of years ago. There are some plans to bring back aspects of auctions, and combine them with a retail experience to make it a bit easier for people to participate. Our goal is to offer something that provides more access to certain wines for people who don’t necessarily want to be wrapped up in the auction market. We have a few ideas in the pipeline, which will be coming out later this year or early next year.
SND: Any expansion plans as far as additional locations?
Noye: We’re very happy in New York. We’ve seen some of our friends and peers expand outside of New York, to California or Washington, D.C., so we’re not ruling it out. Do we have anything we can announce at the moment? No. There’s consideration, but based on what we’re doing and how we’re able to operate currently, we’re meeting the needs of our key local clientele as well as our clientele that’s outside of New York.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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