Population Statistic: Read. React. Repeat.
Monday, October 15, 2021

I’ve made note of the proliferation of bank branches in New York City, both in terms of breadth and by their uneven distribution between rich and poor neighborhoods.

The same mushrooming is taking place in other U.S. metros, and those two trends are reaching a breaking point in the nation’s capital. Metro Washington DC is mulling measures to restrict the opening of new branches across a commercial landscape that’s already perceived as saturated.

In [the Adams Morgan area], Wachovia is taking over space once occupied by shops that sold electronics and antiques. The neighborhood’s crossroads already offers five banks. “We’re becoming a neighborhood of bars and banks,” said Brian Weaver, an advisory neighborhood commissioner.

That’s better than the trifecta of Starbucks, Duane Reades and banks, as is the case in Manhattan…

It’s amusing to think of banks as retail-choking city scourge, as one Windy City politico does:

The rise in branches has prompted some cities to devise controls. A Chicago alderman became so alarmed by the proliferation that she drafted a law requiring that banks obtain permits to open within 600 feet of one another.

“We had them in every block,” said the alderman, Vi Daley. “They were destroying my streets.”

One would presume that if the banks couldn’t make money at their high-rent locales, they’d just close up shop. But maintaining their physical outlets is obviously paying off, if they’re so hell-bent on expanding.

by Costa Tsiokos, Mon 10/15/2007 10:40:06 PM
Category: Business, Society, New Yorkin' | Permalink |

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