Thinking back to when I first went to Majestic (1980’s - Sancerre was a thing), they offered much more interesting wines than the supermarkets, especially new-world, while being firmly mid-market. It worked as a business model & I enjoyed exploring the variety of wines. Oddbins were similar and perhaps better quality.
Now the supermarkets thoroughly cover those aspects of the market, and TWS are unbeatable online. There’s no reason to go to MJ, and a brief exploration of Naked was a let-down.
So I dont quite see what Naked / MJ can do now with wine retailing? unless they truly go global online and then sell the operation for a quick buck. I can see a US or OZ supermarket group being interested in that.