NAICS 445320 Quarterly Industry Report
Beer, Wine, and Liquor Retailers
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 445320Sector: 44Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 445320 draws on verified data from the U.S. Census Bureau[4], Bureau of Labor Statistics[6], and Small Business Administration[5] to profile the beer, wine, and liquor retail sector. Our research team analyzes state licensing environments, product category margins, and the growing premium beverage segment to provide accurate market intelligence for business valuation purposes. The report covers SBA size standards, related NAICS classifications, and the regulatory frameworks that shape alcohol retail operations across different states. Fair Market Value updates this NAICS 445320 profile quarterly to reflect new Census releases and industry developments.
Industry Definition & Overview
Beer, Wine, and Liquor Retailers (NAICS 445320) encompasses establishments primarily engaged in retailing packaged alcoholic beverages such as beer, ale, wine, and liquor for off-premises consumption. Package stores, wine shops, beer distributors with retail operations, and liquor stores all fall within this classification. These retailers sell sealed containers of alcoholic beverages for customers to consume elsewhere, distinguishing them from bars and restaurants that serve drinks for on-premises consumption.
According to the U.S. Census Bureau[4], roughly 26,655 establishments operate under this classification. State alcohol control laws create enormous regulatory variation across jurisdictions. Some states operate government-controlled liquor stores that exclude private retailers entirely. Others allow private retail but impose licensing quotas, pricing restrictions, or limitations on which beverage types each store can sell. Three-tier distribution systems in most states require retailers to purchase from licensed wholesalers rather than directly from producers, creating fixed cost structures.
The SBA[5] sets the size standard at $10 million in average annual receipts for this industry. Wine specialty shops and craft beer retailers differentiate through curated selections, staff expertise, tasting events, and temperature-controlled storage for premium products. Product margins vary by category, with wine and spirits generally producing higher gross margins than beer due to lower spoilage risk and wider pricing latitude. Premium product categories continue to grow faster than value tiers, benefiting retailers positioned to sell higher-price-point bottles.
What's Included in This Industry
- Liquor store and package store operations
- Wine specialty retail store operations
- Craft beer and specialty beer retailing
- Retail sale of spirits and distilled beverages
- Beer, wine, and liquor combination store operations
- Retail sale of imported and domestic wines
- Retail sale of hard cider and malt beverages
- Temperature-controlled wine storage and retail
- Retail sale of mixers and cocktail accessories
- Off-premises alcohol retail in permitted jurisdictions
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Food and Beverage Retailers | 445 |
| Industry Group | Beer, Wine, and Liquor Retailers | 4453 |
| NAICS Industry | Beer, Wine, and Liquor Retailers | 44532 |
| National Industry | Beer, Wine, and Liquor Retailers | 445320 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 445110 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | Operates supermarkets that sell beer and wine in states where grocery alcohol sales are permitted, competing with standalone package stores for off-premises volume |
| 445131 | Convenience Retailers | Operates convenience retailers that sell beer and some wine products in permitted jurisdictions, competing with package stores for quick-trip alcohol purchases |
| 445292 | Confectionery and Nut Retailers | Retails confectionery and nut products through specialty stores, sharing gift-oriented purchasing patterns and seasonal demand overlap with wine and spirits gift retail |
| 445298 | All Other Specialty Food Retailers | Retails all other specialty food items including gourmet products, sharing premium consumer demographics and specialty retail positioning with wine and spirits shops |
| 445291 | Baked Goods Retailers | Retails baked goods through specialty stores, representing another specialty food format that sometimes clusters with wine shops in upscale food retail corridors |
| 445132 | Vending Machine Operators | Operates vending machines dispensing beverages, distinguished from alcohol retail by legal restrictions preventing automated dispensing of alcoholic beverages in most states |
SBA Lending Summary
5,920
Total SBA Loans
$4.5B
Total Loan Volume
$752K
Average Loan Size
13 yrs
Average Loan Term
9.70%
Average Interest Rate
32,792
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: The SBA[5] classifies NAICS 445320 under beer, wine, and liquor retailers with a size standard of $10 million in average annual receipts. Businesses at or below this revenue threshold qualify as small for federal contracting preferences and SBA loan programs. Alcohol retailers can access SBA 7(a) loans[7] for inventory purchases, store renovations, and working capital. Firms purchasing retail properties may qualify for 504 loans[8]. Liquor license acquisition costs and extensive inventory investment in wine and spirits create significant startup and expansion capital requirements unique to this retail category.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Hanmi Bank | 504 | $443.7M | $880K |
| 2 | Metro City Bank | 72 | $234.6M | $3.3M |
| 3 | Byline Bank | 120 | $224.1M | $1.9M |
| 4 | Open Bank | 216 | $160.0M | $741K |
| 5 | Bank of Hope | 200 | $137.7M | $688K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses fall under NAICS 445320?
NAICS 445320 covers retail establishments selling packaged beer, wine, and liquor for off-premises consumption. Package stores, wine shops, craft beer retailers, and liquor stores are included. On-premises drinking establishments are classified separately. Source: U.S. Census Bureau[4]
How is NAICS 445320 structured?
Stores range from small neighborhood liquor stores to large wine superstores. State alcohol control laws create wide regulatory variation, with some states operating government liquor stores and others allowing private retail. Three-tier distribution systems require purchasing through licensed wholesalers.
What is the SBA size standard for NAICS 445320?
The SBA sets the size standard at $10 million in average annual receipts for beer, wine, and liquor retailers. Businesses at or below this revenue level qualify as small for federal contracting preferences and SBA loan programs. Source: SBA Size Standards[5]
What NAICS codes are related to beer, wine, and liquor retailers?
Related retail codes include 445110 (supermarkets with alcohol), 445131 (convenience stores with beer), 445292 (confectionery stores), 445298 (other specialty food), 445291 (baked goods), and 445132 (vending machines). Source: Census NAICS[4]
What industries are related to alcohol retailing?
Key supplier industries include 312120 (breweries), 312130 (wineries), 312140 (distilleries), 424810 (beer wholesalers), and 424820 (wine and spirits wholesalers). Competing industry 722514 (drinking places) serves on-premises alcohol consumption.
What activities are included in NAICS 445320?
Activities include retailing beer, ale, wine, spirits, hard cider, malt beverages, imported and domestic wines, mixers, and cocktail accessories. Temperature-controlled wine storage, specialty wine retailing, and craft beer retailing are also included.
Can beer, wine, and liquor retailers get SBA loans?
Yes, small businesses under NAICS 445320 can access SBA 7(a) loans for inventory, store renovations, and working capital. Firms purchasing retail properties may qualify for 504 loans. Liquor license costs and inventory investment create significant capital needs. Source: SBA Loan Programs[9]
Where are beer, wine, and liquor retailers concentrated in the United States?
Package store concentration varies dramatically by state alcohol regulations. States with government-controlled liquor sales have fewer private retailers. States with open licensing support higher store counts. Urban and suburban areas with large adult populations support the densest retail coverage. Wine specialty shops concentrate in affluent metropolitan areas.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]U.S. Census Bureau census.gov
- [5]SBA sba.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA 7(a) loans sba.gov
- [8]504 loans sba.gov
- [9]SBA Loan Programs sba.gov
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