Fewer people visiting bank premises means less foot traffic!
“ Retailers and hospitality traders who are expecting high foot traffic generated in strip retail locations by the local bank branches to be continued are now being affected by changes in the way consumers inter- relate with their bank branch.
As more people migrate to paywave on cards and wave your phone at the scanner methods of payment, the number of people actually carrying cash continues to diminish. People just don’t visit the bank branch anywhere near as much they used to.
It can be expected that suburban bank branches will no longer be such a magnet for foot traffic to assist retailers in the suburban high street.
Indeed we are likely to observe the physical number of suburban bank branches diminishing moving forward. Whether these empty (and often spacious ) bank premises will be re- let to interesting drawcard alternatives is problematic.
So if you are in retail or hospitality in a suburban high street, make sure you are interesting and exciting enough to draw your own crowd! ”
Graham O’Hehir – Managing Director