Over 15 years a beer brand uses a local market focus to snatch leadership from global giants, but then it eventually stumbles and loses its dominant position. Though the following story focuses principally on marketing strategy and brand management, it raises other important strategy issues, including manufacturer/distributor relations and political interference. The first chapter of this story, the surprising rise of Coors Light in Puerto Rico, was chronicled in Strategy & Leadership in 2002[1]. That article is summarized in a box ‘‘How Coors Light’s local strategy beat the international Goliaths.’’ This article focuses on the strategic failures that caused the brand to tumble from its dominant position and how it could yet parlay its market leadership to new successes.