Take It to the Bank

October 1998

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Take It to the Bank

Mergers and acquisitions leave real estate open

As banks merge and then reassess their locations, many former bank buildings are being put to other uses. Selling jewelry is one of them – the banks' vaults sometimes serving as a special enticement to jewelers.

One former bank is now the home of Deters Jewelers, a 51-year-old store in Evansville, IN. President P.R. Deters bought the building, which occupies prime real estate across from the Eastland Mall, last year. He combined the operations of his downtown Evansville store and a smaller Deters mall store in the new space. The 4,000-sq.-ft. store opened earlier this year.

Naturally, some major remodeling was in order. The 2,200-sq.-ft. bank lobby became the sales area and the 1,800-sq.-ft. drive-through area was enclosed for office space.

One of the most important features of the store is the new lighting system, which makes use of dozens of 50-watt MR-16 lamps housed in bulkheads above the jewelry cases. (Ann Corless of FC Lighting Manufacturers, Lombard, IL, which designed the lighting, says the store is "bathed" in MR-16 light.) The new system replaced the fluorescent ambient lighting and 150-watt PAR 30 lamps used in the older locations.

Another highlight: the 100 linear feet of sit-down and wall showcases made of rich-looking solid cherry wood or covered with cherry veneer.

Moving On Up?

Thinking of moving your store to a more upscale neighborhood? Why not aim for the very best? A list compiled by the Equis Retail Group notes the most expensive streets in the world. Here are the world's top 10, with their average annual retail rents per square foot:

1. Fifth Ave. between 48th and 58th streets, New York City

2. 57th St. between Fifth and Madison avenues, New York City

3. Oxford Street, London

4. Madison Avenue between 57th and 72nd streets, New York City

5. The Champs Elysées, Paris

6. Times Square, New York City

7. Rodeo Drive, Los Angeles

8. The Ginza, Tokyo

9. Union Square, San Francisco

10. Nathan Road, Hong Kong

$580

$500

$400

$375

$360

$340

$300

$249

$250

$250

Source: Equis Retail Group

 

 



Copyright © 1998 by Bond Communications.


 

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