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Wachovia Bank, now Wells Fargo, provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and other distribution channels across North America and internationally.
Wachovia Bank wanted to optimize their distribution by determining the best "branch and ATM-to-population-and-business-density ratio," to maximize market share and geographic coverage. The goal was to identify both areas for growth and relocation opportunities due to market saturation. Wachovia Bank hired JLL's Retail Development Strategy team to provide strategic research and consulting services to support their plan.
Our team quantified Wachovia's customer profile for their average, better and best bank customers, and statistically identified the attributes that impacted bank and ATM performance. Site performance analysis determined the required site feature thresholds and competitive environment that produced the best location results. Utilizing the research findings, Wachovia was able to develop a strategic real estate deployment scheme for each market with optimal targets for each level of distribution – banks, mini-banks and ATMs.
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