First choice who owns

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Our strategy. In many ways it is the liquor retailing sector's version of the Bunnings and Masters duel, except in reverse. Dan Murphy's, with its plus outlets, is delivering stronger growth in a segment of liquor retailing that is growing faster than the convenience offering.

More customers want to load up on beer, wine and spirits by the trolley full at a big barn outlet than pick up a bottle or two on the way home from work at a smaller store like a BWS, owned by Woolworths, or a Liquorland or Vintage Cellars, owned by Coles. Coles management has signalled that aggressive price cuts aren't the answer for First Choice. Credit: Gabriele Charotte. Those who are big believers in the theory of first mover advantage have two rock-solid case studies in hardware and liquor retailing in the relatively small market in Australia, with a population of 24 million, where duopolies have a habit of being entrenched in industries such as aviation, paper and packaging and supermarkets.

First Choice is possibly in a better position against Dan Murphy's but in 10 years hasn't shown any signs of closing the gap. First Choice has been a serial underperformer for Wesfarmers against the Dan Murphy's superstore liquor chain owned by Woolworths. The success has delivered enormous value to Wesfarmers shareholders and now Woolworths is on the back foot in supermarket retailing and chief executive Grant O'Brien is under pressure to claw back some gains.

New Coles food and liquor boss John Durkan is trying to be methodical. The Liquorland chain has cut the prices on of the chain's main products and overhauled the range of products it stocks. Across the Coles liquor business 32 stores have been closed in the past 12 months in a clear indication that underperformers won't be tolerated.

It is intriguing though that Coles hasn't been able to get the big box liquor offering right after entering the market with the Quaffers brand in the late s, given the extent of the turnaround over the road in the Coles supermarkets. Incoming Wesfarmers chairman Michael Chaney might have his own views. Wesfarmers outlined where it is headed last week in its annual strategy day across its businesses, but the consensus in the market is that liquor retailing might be a black spot for quite a while.