In March 2026, Naveen Dubey, Assistant Vice President of the retail vertical at Alcostar Group, had to take a critical decision on The Liquor Estate, a highly successful concept that he had implemented in premium retail. By replacing stigmatised “Cage” shops with experiential boutique stores, he had unlocked high transaction values and a massive customer base of women, achieving a retention of 60%–70%. However, the annual licence auctions in Punjab and Chandigarh threatened the sustainability of the concept of The Liquor Estate. Investments of INR 30 lakh–50 lakh per store were risky because a licence could be lost after a year and high-performing sites triggered steeper government bids and competitor poaching. Ahead of the board presentation, Dubey weighed three strategic options for securing a sustainable advantage: doubling down, pivoting to a “Lite” model of INR 15 lakh, or aggressively locking properties. The board awaited the decision.