Island outlet stocks French wine ready to be drunk (7,8)
I believe the answer is:
marthas vineyard
'island' is the definition.
(island in Manhattan)
'outlet stocks french wine ready to be drunk' is the wordplay.
'outlet' becomes 'mart' (mart is a kind of outlet).
'stocks' becomes 'has' (have can mean to sell or stock).
'french wine' becomes 'vin' ('wine' in French).
'to be drunk' indicates anagramming the letters.
'ready' with letters rearranged gives 'eyard'.
'mart'+'has'+'vin'+'eyard'='MARTHAS VINEYARD'
(Other definitions for marthas vineyard that I've seen before include "island in Atlantic" , "island off Cape Cod" , "US island" .)