New Bank Branch Footprint Is Alot Smaller; CresCom Follows Suit
Following a trend of the big banks, community banks are figuring out what branches ought to look like goring forward. Charleston-based CresCom just opened their newest location in Cane Bay in Berkeley County and it looks very different than your mother’s bank. First, it is 1,200 SF, vs. a traditional bank branch of 4,000-6,000 SF. Electronic transactions, direct deposit, smartphones, ATMs, video tellers, and, well, paperless technology is playing a greater role, too. John McDermott has a great article on what banks looked like then and now, and in the future. Our little insight is branches will be reduced by 50% to maybe 80% in 10 to 20 years; at least thats what experts are predicting as the big banks are selling off (and leasing back) their branches in bulk instead of owning them.
Posted on August 26, 2014, in CHS Retail, Commercial Real Estate, Development, Retail/Retailers, The Post and Courier and tagged branch banks, crescom, John McDermott. Bookmark the permalink. Leave a comment.