It looks like the building vacated by Bank of America on Walnut St. in Newton Highlands will be getting a new occupant. According to a source close to the bank, Brookline Bank will be moving from its current location on Lincoln Street and taking over the space. Bank of America moved out in August and folks have commented that the building is less attractive than one would want for the neighborhood so let’s hope that the new bank will be spruced up.
Brookline Bank moving in the Highlands
by Howard Haywood | Mar 3, 2013 | Newton | 5 comments
This is welcome news for Newton Highlands. This village is not over-banked. And the Highlands Brookline Bank branch on Lincoln Street has been a good neighbor to the village.
Of course, this fills one vacancy but leaves another.
What’s the deal with bank branches? How is it that other areas of retail are devastated by online competition but banking seems to thrive? Clearly I’m missing something, since I haven’t been to my own bank in years.
The role of a branch in a bank’s strategy is fundamentally different from other kinds of retail. In addition to being a point of service the branch also serves a critical marketing function for other services that a bank might offer, such as mortgages, loans, and investment products. As a result, the financial evaluation and location decision process are entirely different.
On the specifics of Brookline Bank in the Highlands, I also see this as a fundamentally good thing. I have been very concerned about the mix of banking and other retail in other of our villages, but Brookline is a great bank to have as an anchor in a village that does not have many bank branches. Also, Brookline Bank has been a good corporate citizen in the past and a great partner for a variety of city causes. This is good news!
Now, lets get something active into the old space on Lincoln Street!
I think it’s an excellent move. The space they’re moving into isn’t well designed for another kind of business, while the one they’re vacating would be good for retail.
Great news! I agree with the above post about opening up a good commercial space that is more flexible vs this almost single use type space. Another big benefit is providing some liveliness for those waiting for the bus north here. It can be quite a busy spot, and if the weather is not so great many are waiting under the overhang. It would be beneficial for the bank to perhaps put a bench or two out front and maybe have some info brochures available for those that will be waiting here. I will look forward to this!