Massachusetts
Why are banks building so many new branches in Massachusetts?
With money sending apps and online banking, why are so many new bank branches popping up in Massachusetts?
Ever spot a “Space Available for Lease” sign and hope a new café, bookstore or restaurant is coming to town? Excitement builds and then you learn… it’s another bank? It seems to be recent trend in banking and now it’s happening in Massachusetts.
In Needham for instance, a town of about 32,000 people, there are nine bank branches. One of the newest is a Chase Bank that replaced a convenience store which had replaced a Friendly’s restaurant.
“I was hoping it would be a restaurant,” said Eileen Baker, who owns Proud Mary, a gift and fashion boutique in the heart of Needham. “We would love to see little coffee shops; I know a lot of people would love to see a bookshop in Needham. Little specialty foods.”
Baker and many other small business owners thrive when people are drawn downtown by new specialty shops and restaurants. Banks, not so much.
Chase opening 50 new branches
With mobile banking and Venmo, physical banks might seem outdated. But Chase, the country’s largest commercial bank, plans to open 50 new branches in the state by 2027, including brand-new branches in towns like Sudbury and Weston.
“I don’t really understand why there are so many banks,” said one young man outside of the under-construction Chase in Sudbury.
Opening in wealthy neighborhoods
Good question. So, we asked Eric Rosengren, former President of the Federal Reserve Bank of Boston.
“They would only do it because its cost effective,” Rosengren said. “You don’t see it in lower income neighborhoods. You see it in wealthy neighborhoods, because even a few wealthy individuals can provide a significant amount of income coming from the wealth management.”
Rosengren says these often-plush new branches are designed to attract affluent customers who might still value face-to-face financial advice.
Recent surge
This surge is a very recent shift. In fact, nationwide, the total number of bank branches has dropped by 13,000 in the last decade. In 2014 there were about 81,000 U.S. bank branches. In 2023 – for the first time in a long time- there was an uptick in new branches- leaving about 68,000 branches.
Will the trend continue? Most research says younger customers are using mobile banking and very seldom visit their local branch. Will they change their minds once they begin to accumulate wealth? Sound like some financial companies are banking on it.
If you have a question you’d like us to look into, please email questioneverything@cbsboston.com.
Massachusetts
Weather alert for patchy fog and black ice in 9 Massachusetts counties until Friday morning
A report was issued from the National Weather Service on Friday at 3:13 a.m. for patchy fog and black ice until 9 a.m. for Northern Worcester and Southern Worcester as well as Franklin, Middlesex, Essex, Hampshire, Hampden, Norfolk, Suffolk, Bristol and Plymouth counties.
“Patchy fog and isolated black ice are possible this morning across southern New England, especially in areas that typically fog over. As temperatures are at or below freezing, a few slick patches of black ice may form, especially on elevated surfaces; like bridges and overpasses. Please use caution heading out early this morning and allow for extra commuting time,” according to the weather service.
Navigating fog: Safety tips by the weather service
If you must drive in foggy conditions, keep the following safety tips in mind:
Moderate your speed:
- Slow down and allocate extra time for your trip to reach your destination safely.
Visibility priority:
- Ensure your vehicle is visible to others by using low-beam headlights, which automatically activate your taillights. Utilize fog lights if your vehicle is equipped with them.
Avoid high-beams:
- Refrain from using high-beam headlights, as they create glare that impairs your visibility on the road.
Keep a safe distance:
- Maintain a significant following distance to account for abrupt stops or shifts in traffic patterns.
Stay in your lane:
- Use the road’s lane markings as a guide to remaining in the correct lane.
Zero visibility strategy:
- In cases of near-zero visibility due to dense fog, activate your hazard lights and seek a safe spot, like a nearby business parking lot, to pull over and stop.
No parking options:
- If no designated parking area is available, pull your vehicle as far off the road as possible. Once stationary, deactivate all lights except the hazard flashers, engage the emergency brake, and release the brake pedal to ensure your tail lights remain unlit, minimizing the chance of other drivers colliding with your stationary vehicle.
By adhering to these precautions from the weather service, you can navigate foggy conditions more safely, reducing the likelihood of accidents and ensuring your personal safety.
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Massachusetts
Supermarket chain to open 2 stores in former Christmas Tree Shops, Big Lots locations in Massachusetts
Two shuttered retailers are set to become supermarkets in southeastern Massachusetts.
Big Y announced Thursday that it’s opening grocery stores in Fairhaven and North Dartmouth. The Fairhaven Plaza location used to be a Big Lots, and the Faunce Corner Center store in North Dartmouth was a Christmas Tree Shops.
“These new stores will allow us to better serve families in the South Coast region,” Big Y VP of real estate and development Mathieu L. D’Amour said in a statement.
The supermarkets will open sometime in 2027. Hiring details and a grand opening date will be announced in the next few months. Big Y opened new stores in Westboro and Uxbridge earlier this year.
Big box store closures in Massachusetts and around the country in recent years have created opportunities for other retailers to move into vacant storefronts.
Christmas Tree Shops, the bargain outlet that started on Cape Cod more than 50 years ago, went bankrupt and closed all of its stores in 2023. The old North Dartmouth location is being used temporarily this holiday season as a “Spirit Christmas” pop-up.
Another Christmas Tree Shops in Falmouth has been transformed into an Aldi supermarket. Others have been taken over by Ocean State Job Lot.
Big Lots closed all of its Massachusetts stores last year amid financial turmoil. Just last month, an Ollie’s Bargain Outlet moved into a former Big Lots location in Fitchburg.
It hasn’t always worked out for supermarkets that move into old retail stores. The Fresh Market, which moved into an old Bed Bath & Beyond store on Route 9 in Framingham less than a year ago, is already closing.
A competing grocery store chain, Trader Joe’s, opened two new stores in Newton and West Roxbury this fall.
Massachusetts
26 MA Restaurants Honored By Michelin Guide, Including City’s 1st Star
BOSTON, MA — It was a major day for Boston’s culinary scene on Tuesday as one of the city’s restaurants was finally awarded a Michelin star.
In total, it appears that 26 restaurants were honored by the Michelin Guide.
311 Omakase in the city’s South End was awarded the star at the Michelin Guide Northeast Cities Ceremony, which was held at the Kimmel Center for the Performing Arts in Philadelphia.
The Japanese restaurant known for its sushi offerings won the biggest honor of the night, but 26 Boston-area restaurants were also noted at the ceremony.
According to NBC Boston, Bar Volpe and Fox & The Knife, both in Boston; Sumiao Hunan Kitchen, Pagu and Jahunger in Cambridge and Mahaniyom in Brookline were recognized in the “Bib Gourmand” category, which is awarded for its value for the money spent.
Boston Business Journal shared that a number of other area spots were recognized by the organization for their culinary products, though they were not awarded a star.
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