Big banks are closing antiquated branches at a record pace, but they are also opening smaller and more-digitally-focused ones to better serve their customers, according to research from JLL’s Branch Banking 2020. After peaking at 100,000 branches in 2009, the number of bank branches has plunged by 13,200.
Regions Bank operates about 1,500 branches and 2,000 ATMs across the South, Midwest and Texas
When a bank branch does close, landlords have plenty of options for refilling the space, JLL says. Competing banks and financial institutions often snap up well-located suburban facilities. And in-line spaces are often repurposed as restaurants, convenience stores and clinics. On average, the time period for selling a vacated branch is about nine and a half months, and the average time for subleasing is slightly over a year, according to JLL.
By Brannon Boswell
Executive Editor, Commerce + Communities Today