In Connecticut, the News-Times reports that Ahold Delhaize-owned Stop & Shop continuers to deal with "the closure of 21 People's United Bank branches" in its Nutmeg State stores that have "the Massachusetts-based grocery chain with a decision to make regarding what is the best use for the now-empty space."
The story goes on: "If Stop & Shop is willing to bring in another financial institution to fill the former People's United locations, it could be an attractive move for the right bank, said John Carusone, president of the Bank Analysis Center, a Hartford-based industry consultant.
"'Even with the high cost of that leased space, any bank that opened a supermarket branch is going to make money,' Carusone said, adding that a typical supermarket bank branch takes up between 200 and 300 square feet. 'Providing customers with that level of convenience is a good strategy' … If Stop & Shop elects not to fill the former bank branch locations with another financial institution, Flickinger said the spaces could be used for a vision center retailer."
- KC's View:
Seems to me that this only make sense if these bank branches rethink their in-store offerings in the same way that Capital One has been reconfiguring some of its branches, turning them into coffee shops that offer financial services. Just to have the same old teller-centric offering doesn't strike mas the most progressive way to go.