Top Banks by Branch Numbers: The top four banks (Wells Fargo, Truist Bank, Bank of America, Chase Bank) operate 50% of all branches, while the top ten operate 77%.
The Top 10 in Florida
Wells Fargo
Truist Bank
Bank of America
Chase Bank
Regions Bank
PNC Bank
Fifth Third Bank
TD Bank
South State Bank
Synovus Bank
Branch Decline: The number of bank branches in the U.S. has steadily declined since peaking at 83,000 in 2008, reaching 70,000 by June 2023. This represents an annual decline of 1.5% over 11 years.
Causes: The decline is fueled by the decreasing number of federally insured commercial banks, mergers due to government deregulation in the '80s and '90s, and the impact of the 2007-2009 financial crisis. The rise of digital banking and changes in consumer preferences have also reduced the need for physical branches.
Current Statistics: As of January 1, 2022, Florida had 3,813 bank branches across 38 banks. This number has slightly decreased to 3,575 branches.
Welcome to our new series, "Banking Evolution in Florida: Trends and Transformations (2022-Present)." In recent years, the banking landscape in Florida has undergone significant changes, reflecting broader national trends and unique regional dynamics. From the steady decline in the number of physical bank branches to the strategic expansions by major players, the way Floridians bank today is markedly different from just a decade ago.
This series aims to delve into the factors driving these changes, highlight key players shaping the industry, and explore the impact on consumers and communities across the state. We will examine the strategies of major banks, the rise of digital banking, and the implications of mergers and acquisitions. Whether you’re a banking professional, a consumer, or simply interested in the financial trends affecting Florida, this series will provide valuable insights and a comprehensive overview of the evolving banking sector.
The GLA absorption in 2022 was significant at 3.8 million square feet, but 2023 was drastically lower at 0.7 million square feet, a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market.
“... a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market. ”
Notable Highlights
Grocery / Warehouse Club / Liquor sector had the highest increase in GLA.
Home Furnishings / Appliance sector experienced the largest decrease in GLA.
Discount, Apparel, Fitness, and Home Improvement / Hardware saw significant increases in GLA.
The Pharmacy / Beauty Supply sector and the Office Supply sector both experienced declines in GLA across the observed years.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Courtney has been an integral part of the Woolbright team for over 11 years, initially joining as a Lease Administrator. From the outset, Courtney has demonstrated exceptional dedication to mastering the nuances of the Leasing division. Her commitment to continuous improvement and enhancing operations at Woolbright is evident in her proactive approach.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
We're thrilled to announce that we're doubling our current AI team count. This bold move is a testament to our commitment to pushing the boundaries of innovation and shaping the future of technology.
Today, we welcome Ramon Castro, our first new addition to the team. Ramon has a master’s degree in corporate business from Florida International University and is nearing completion of a bachelor’s degree in Data Analytics from the Miami-Dade College.
Woolbright is converting 8 acres originally zoned retail into about 300 apartment units at the intersection of Northlake Blvd and Federal Highway in Lake Park. Construction of the project is expected to start in late 2024.
Woolbright has begun the sale process for 7 shopping centers located throughout the major metropolitan areas of Florida. The full marketing kick off will be showcased at the May 2024 ICSC conference in Las Vegas.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Openings: 27 stores
Ace Hardware: 1
Barnes & Noble: 1
Burlington: 3
CVS: 2
Dollar General: 3
Dollar Tree: 5
Five Below: 1
Key Food: 3
Michaels: 2
Pet Supermarket: 1
Publix: 3
Ross: 1
Target: 1
Closings: 18 stores
Best Buy: 1
Bravo Supermarket : 1
Burlington: 1
CVS: 3
Family Dollar: 3
Habitat for Humanity: 1
Kirkland’s: 1
Office Depot: 1
Retro Fitness: 1
Save-A-Lot: 1
Staples: 1
Walgreens: 3
Openings: 49 stores
Ace Hardware: 3
At Home: 1
Bealls: 1
Dollar General: 7
Dollar Tree: 10
EOS Fitness: 1
Family Dollar: 3
Five Below: 5
H-E-B: 2
Hobby Lobby: 1
Homesense: 1
Sprouts Farmers Market: 1
Walgreens: 13
Closings: 20 stores
Chuck E Cheese: 1
CVS: 1
Family Dollar: 8
Five Below: 1
Food Town: 1
LA Fitness: 1
Office Depot: 1
Office Max: 1
Old Navy: 1
Pet Supermarket: 1
Petco: 1
True Value Hardware: 1
Walgreens: 1
South includes: AL, GA, NC, SC, TN, VA
Openings: 62 stores
Academy Sports: 1
Ace Hardware: 5
Aldi: 4
Bargain Hunt: 1
Barnes & Noble: 1
Burlington: 2
Dick’s Sporting Goods: 1
Dollar General: 17
Dollar Tree: 8
Family Dollar: 1
Farmers Home Furniture: 1
Five Below: 4
Golf Galaxy: 1
Hobby Lobby: 1
HomeGoods: 2
Life Time Fitness: 1
Marshalls: 1
Nordstrom Rack: 2
Ollie’s Bargain Outlet: 1
Planet Fitness: 1
Publix: 2
Ross: 1
Sky Zone Trampoline Park: 1
Tractor Supply: 1
True Value Hardware: 1
Openings: 38 stores
Bargain Hunt: 1
Best Buy: 1
Burlington: 2
CVS: 1
Dick’s Sporting Goods: 1
Dollar General: 4
Family Dollar: 8
HomeGoods: 1
Kirkland’s: 1
Office Depot: 1
Office Max: 1
Rooms To Go: 1
Staples: 1
True Value Hardware: 7
Walgreens: 7
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
Chart includes companies with 15+ locations in Florida. Companies with zero net store change in both 2022 & 2023 are excluded.
