"Banks face backlash as they bid for top sites" February 20, 2012|By Todd Wallack
Across the region, financial institutions are gobbling up prime commercial spaces, edging out other merchants and sparking protests from businesses, neighbors, and local officials. Although many banks have been consolidating operations and closing some branches, they still covet high-visibility locations, especially in affluent neighborhoods.
And even banks care about curb appeal. A stone-cold lobby entrance has to work hard to compete with a boutique bakery’s window display or the aroma spilling from a coffee roaster’s door.
Peter Meade, director of the Boston Redevelopment Authority, said banks often fill empty spaces that could otherwise become eyesores.
Just ignore the millions of foreclosures, folks.
But in some cases, he said, they displace restaurants, shops, and other businesses by offering to pay higher rents.“The biggest problem is that local businesses simply can’t compete with the banks’ money,’’ Meade said. “Banks can come in and bigfoot a place so a local business doesn’t have a chance to compete.’’
Part of the backlash against bank-branch openings may have to do with how they are perceived, especially since the financial crisis. For many people, banks bring to mind foreclosures, taxpayer-funded bailouts, and costly fees....
And the image of vulturous vampires waiting to feast upon the carcass of the American middle class, all while make a buck -- or a few billion each quarter, as the case may be.
--more--"
Related: For now, bank won’t seek to oust Beacon Hill store
