Bank branch closures have become something of a theme in the commercial property market of late, with many of the high street’s largest chains choosing to cut back on their property portfolio and focusing instead on improving online and mobile banking services for customers in rural areas. However, this news does not sit well with everyone, especially those who prefer to conduct their financial transactions in person as opposed to over the internet.
Yet it seems that Barclays may have come up with a workable solution to this issue, cutting costs on commercial property whilst simultaneously offering a personal service for those customers unwilling or unable to adapt to technological advancements in the financial sector. The high street banking chain will trial run an initiative whereby Barclays concessionary branches will operate within Asda superstores in the New Year, allowing consumers to do their weekly shop and pay bills all at the same time.
Head of Barclays retail bank, Steve Cooper, hinted that this move will be only the first in a series aimed to make the lives of Barclays’ customers easier.
He said; “Our ambition is that by 2017 we will have an innovative and sustainable future-proof suite of branches that exist alongside a choice of ways our customers can contact us, so they will feel they can do things quicker and more effectively.”
Barclays intends to open four pilot branches early next year, starting with Birchwood in Cheshire. The town’s high street branch will close and relocate to the nearest Asda superstore, along with all staff members – at present, Barclays does not intend to make any employees redundant through this plan and all will continue to work their usual Monday to Friday, 9 to 5 hours.
During weekends and extended opening hours in the evening, Barclays will offer an automated service for customers visiting Asda stores.
While this deal certainly seems to have worked out for Barclays, Asda is also set to benefit from the concessionary partnership. For some time now, the Walmart-owned chain has been seeking ways to effectively utilise excess space within its sprawling superstores, and settled upon the suggestion of creating mini-streets within the larger properties it owns.
These mini-streets will feature popular high street names, although at present it is thought that no brand which rivals any Asda products, such as its George at Asda clothing range for example, will be invited to take up space.
Asda Executive Director, Karen Hubbard, believes the new deal with Barclays will allow Asda to provide the best service for the supermarket’s customers.
She says; “Access to banking services is an under-rated but important asset to any community but in many areas, these services just aren’t available to families.”
Do you think the idea of financial services and other important business facilities such as the Post Office being located in shops and supermarkets is a good idea, or should banks be attempting to do more in order to retain existing commercial properties in town centres?
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