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News, Business
Wednesday, March 14, 2007
Banks Signify Strong Westport Economy
HSBC recently opened a new branch in downtown Westport, and it’s one of many new banks that are opening in town recently. (CLICK TO ENLARGE) Dave Matlow/WestportNow File
By Jennifer Connic
If Westporters think there are a lot of banks coming to town, they’re not off in their thinking.
Westport already has 26 banks that either exist or have received approval, said Planning and Zoning Director Laurence Bradley, and there is the potential for a total of 30 based on the proposals that have not received necessary approvals yet.
Based on a map available in the Planning and Zoning Department, 10 of the banks are located downtown.
Barbara Sweet, Westport Weston Chamber of Commerce executive director, said the number of banks in Westport is a good sign for the economy.
“It’s indicative of a robust economy,” she said. “They wouldn’t come here if they can’t do good business.”
Having the banks also means the people who work there are also eating at local restaurants and shopping at the stores, Sweet said.
It’s another base for Westport’s economy, she said.
The banks are also looking to give back to the town too, Sweet said, and HSBC, for example, has a track record of being of being interested in helping the communities in which a branch is located.
The bank—which has a downtown branch and one planned for where Swanky Frank’s currently is located—is also planning to make a donation to a Westport organization, she said.
When Commerce Bank opened its doors downtown, she said, the bank’s officials presented a donation to the Westport Weston Family Y as part of the ribbon-cutting ceremony.
“They all want to be a part of our town,” she said.
Comments: Comment Policy
Wow—one branch for every 860 residents (men, women, and children)—isn’t that kind of nuts?
Just a little bit of research would have turned up a lot of information about how the proliferation of bank branches can harm communities—so much so that some communities (such as Bronxville) ban brank branches from their commercial districts or set up regulations to keep them from stifling retail areas (as in Chicago).
Westport has money so the banks come. What they also do is pay very well for their locations. Smaller retailers, mom and pops and restaurants can’t compete. Can we blame the landlords for going for the highest bidder? I guess not.
So what’s occurring is these banks are chasing out our diversity of retail. Retailers that return just as much, if not more, to our community as these soulless multinational bank outlets.
The new banks add nothing to the character or the quality of our community. In fact, too many can harm it.
So Swanky Franks, the Peppermill, Barons South corner, Geigers and who knows what else will become banks. Just great.
I already have a bank, 3 locations, don’t you? Do we really need more?
Bank branches are proliferating throughout Manhattan as well. I was recently driving through midtown and counted three or four bank branches on every block. Retailers are finding it extremely difficult to compete with banks for new leases or lease renewals.
However, economic bubbles have historically burst. I predict that the more diverse retail base will eventually return to Westport.
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