Today I attended the grand opening ceremony for Fifth Third Bank inside of a Kroger Store in Raleigh, NC. It was my first ribbon cutting ceremony so that was interesting in itself. But I’ll save those comments for a later day.
The comments made by Kroger’s management and Fifth Third Bank management got me to thinking. How successful are the banking locations located inside popular grocery stores? One of my former businesses banked at SunTrust so I did find it highly convenient that SunTrust had locations inside Publix grocery stores in the Atlanta metro area. They stayed open later. They were highly convenient. I could grab a banana or some baked goods on my way out!
I’ve also seen banks inside Walmart. (Is that a bank partially owned by Walmart. Forgive my powers of observation. Since I don’t bank there, I have not paid the name much attention!) Always, I see a fair number of people inside of these banks or standing in line within the store during the bank’s hours. And banks don’t have the level of overhead that they’d incur from owning a stand alone location.
Does anyone know the comparison statistics on performance for banks located inside grocery stores vs. stand alone banks? Please share …or you will force me to do research and report back!