@andy777 , You make good points.As an anecdotal response to your...

@andy777 , You make good points.

As an anecdotal response to your query about buying alcohol online, I would say I am not a heavy purchaser but I have made a couple of dozen purchases through Dan Murphy’s. My assessment is that they are excellent. The online portal is top-shelf, professionally designed and maintained (on a par with Amazon and ebay). Shipping is prompt (similar to Amazon, superior to ebay) and reasonably priced (similar to ebay, superior to Amazon). If there is a question about product or purchase order it is easily sorted on the telephone (superior to both Amazon and ebay). I would say this is a deep and broad moat.

Woolworths acquired Jimmy Brings in 2017 and Shorty’s Liquor in 2020. These are niche businesses for B2B, on-premise, and 30-minute delivery. I suspect one of the main reasons for these acquisitions was to buy insight into these specialised services.

I have looked at Amazon’s online alcohol service and, even using Amazon Prime, it is not as good as Dan Murphy’s, and I cannot see how it will be able to bridge that gap.