Nearly half of high street shop owners say losing a local bank branch has a negative impact on their business, according to new research.
London Loves Business reports that a new study from The Nottingham Building Society found that out of those retailers who say they are affected by closures of banks estimate their annual revenue fell by an average of 20%.
The Nottingham’s research shows that 36% of people would visit their town or village less if their local branch closed and 40% would make three or more fewer visits a month.
24% of shop owners who have closed their business in the past five years say losing a local bank branch was a contributing factor, according to the report.
“Financial institutions play a major role in local high streets drawing customers to shops and boosting sales and business,” said Gary Womersley, head of Branch Network for The Nottingham Building Society.
“This is particularly true in market towns, where much of our focus is placed. Sadly, there are now as many as 1,500 towns in the UK that used to have branches but no longer do. In as many as eight towns, The Nottingham has a branch where there is no presence of the big four banking institutions.”