Banks a lot
My friend Matt is curious why so many banks seem to be securing prime commercial real estate. It doesn’t seem to be much of an issue here in Providence (my bank’s presence near Brown is limited to ATMs), but when I go home to NYC, there do seem to be a lot of banks constantly sprouting up in prominent locations. Perhaps it’s because banks can so much off of ATM fees, and if they choose a location where a lot of people need cash, people will choose the bank’s ATM over a convenience store, even when it’s not their bank. Also, when it comes time to open a bank account, many people probably just go with whatever bank they see most often during their daily routine.
With all these banks popping up, I’m reminded of the mid 90’s when drugstores started appearing everywhere. Both of these seem like pretty sweet businesses, since apparently you can apparently make up for terrible service by simply opening a huge number of locations. Still, I can’t decide which is less exciting, the arrival of a bank or a drug store. I’m leaning towards drug store since there’s at least a chance the bank will look nice. Plus it might be a branch of Portland-based Umpqua Bank.