April Fool's Day isn't until next week, so I'm afraid the truth is real, and it's going to hurt. One of the prime vacant storefronts in downtown Bethesda is going to be filled by yet another bank. Paul Bakery closed in December 2023 at 4760 Bethesda Avenue in the Flats at Bethesda Avenue apartment building, and its large space has sat empty since then. It has now been leased by Citibank for the purpose of opening a new bank branch. Over the last few months, the Corner Slice pizzeria was lost to a bank, and now we are getting a bank in exchange for a charming French bakery. Mon Dieu!
It's 'brick and mortar' banks last stand. Online banking is crushing them: its their last gasp to appear local and accessible. This is why they can't compete with interest rates because they keep leasing RE. Its also interesting in new construction how many are just one story. What a waste. Not sure how many actually own the properties tho.
ReplyDeleteThe reality is that most banks still make most of their money from branches and not online services.
DeleteBranches are still where people go to buy products. Sure, you can do these on Digital as well, but typically simple bank accounts, credit cards and personal loans are done in person.
The more profitable branches focus on sales and not servicing. New mortgages, new account opening, financial advice etc. No statement printing, no card PIN resets, no address changes.
Digital channels are perfect for doing the servicing to free up branches to do more sales. Digital channels are also getting better at doing sales, but this is a tougher nut to accomplish. In addition, b&m locations are holding spots for future retail use for developers and banks to profit from through lease agreements.
The block where Citibank is now (along with Bethesda Beer & Wine, Peter’s Carry-Out and the electronic repair store) is about to be redeveloped. The current location is barely within the walkshed of the Metro station and is on the eastern edge of the slightly moribund Woodmont Triangle. The new location is right in the heart of Bethesda Row and will be a very short walk to the new south entrance of the Metro station and the Purple Line station when they open.
ReplyDeleteNothing like a bank to activate a critical location in Bethesda Row (said with dripping sarcasm). This is epically tragic. Thanks, Federal Reality, for yet again destroying Bethesda Row.
ReplyDelete12:41: This is actually a different property owner than Federal Realty. It is part of the big Lot 31 project.
DeleteWhere else you're going to get change for the parking meters?
DeleteThis has nothing to do with Federal "Reality."
Delete12:41 Loser
DeleteBanks will come...banks will go...There were simply too many coffee shop's and cafes in the neighborhood (Quartermaine, Starbucks, Tatte, Dunkin, Joe & the Juice, Maman, Paul, Philz and Foxtrot) for them them all to survive. So 9 is now down to 6. Support your local stores, stop ordering online, and go eat at restaurants in person instead of ordering on Door Dash.
ReplyDeleteTouche'
DeleteI just threw up in my mouth a bit...
ReplyDeleteGiven the aging of the area, it’s only appropriate that our downtown hotspot corners begin resembling Leisure World Plaza, which has 4 or 5 banks in it.
ReplyDeleteThe loss of the Corner Slice still hurts. I sure could of used a slice of pizza after work today.
ReplyDeleteIknowrite!
DeleteI’m in Bannockburn and a CapitalOne user. We’re in a bank desert for CapitalOne. Lost the branch and ATM at Westbard and the same loss at Sangamore. I was hoping we would at least get an ATM at the new Westbard, but that’s not happening. Poor service from CapitalOne.
ReplyDeleteExactly, me too... Only to discover these sketchy CapOne© Cafe's all around the country amidst the desert.
Delete4:25: “What’s in your moribund?”
DeleteBethesda continues to put on a master class of how to absolutely destroy what could be a charming and thriving downtown.
ReplyDeleteCapital One has literally a 'towering presence' (x2) in NoVa Tysons, go figure! Why there and not here?
ReplyDeleteI haven’t been to a bank branch (except to use an ATM) in 20 years. I don’t understand why they still exist. I have done everything online or over the phone, cards, mortgages etc. This is a waste of space.
ReplyDeleteYou still need to have an brick & mortar (or siding) home address in order to receive a new or replacement Credit/Debit card OR a bank to have it sent to for convenient pick-up, also when my Smartphone was full, I could not scan paper checks on the app... I could go on and on ad nauseum to make a point about the importance of a convenient local full service bank regardless of the Gen zoom mentality of never stepping foot inside anywhere ever for anything.
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