On September 25, 2009
Citi, Other Bank-Branch Closures, Spell Trouble for Retail
Reports that Citigroup might close or sell a chunk of its 1,000 bank branches as part of its plans to scale down its consumer-banking business spells more bad news for the retail real estate industry. And a lot of this type of news is coming from retail banking nowadays. This summer, Bank of America announced that it is closing about 10 percent of its 6,100 units. The takeover of Washington Mutual by JP Morgan Chase resulted in about 400 closures so far. And a trend of more units shutting is expected in the space. This development comes after years of aggressive retail expansion by the big banks. In some locales, it even became a joke. Like Starbucks, you were…
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