Yesterday, the Washington Business Journal reported that one of the new tenants of the new building immediately south of the Safeway would be a Cardinal Bank branch. WBJ writes that “the 1,900-square-foot branch, which is next to a newly remodeled Safeway grocery store, is expected to open near the end of the first quarter of 2013. It will create four-to-five new jobs.”
Four-to-five new jobs would be good (particularly if the bank takes advantage of the mayor’s One City Hire) but pretty much everything else about this news is disappointing to GM. Georgetown has way too many bank branches, few of which contribute much more than a dead streetscape. And they keep coming.
When the Georgetown Metropolitan first started, there were 9 banks in Georgetown. Since then, 5 new banks have opened here. GM’s no economist, but it’s got to be some form of market failure when multiple companies offering what is essentially the exact same good, crowd out other uses. Continue reading
The Georgetown Metropolitan 
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