The City of Champlin staff and its residents have all questioned whether the community has too many banks. But the real question isn’t whether we have too many, but instead do we have too few retail and commercial businesses?
Financial institutions compared: Champlin and surrounding communities
Deputy City Administrator John Cox and staff recently examined the number of financial institutions in neighboring cities and determined Champlin, in comparison, had a slightly higher number of financial institutions per capita.
Champlin currently has 23,500 residents and seven banks, which equals 3,357 residents per bank, for example. In comparison, Anoka has 17,500 residents and seven banks or 2,500 residents per bank. (Click here to view a comparison of banks in Champlin to banks in surrounding communities, prepared by the City of Champlin)
“Unlike our neighbors, Champlin has only one major commercial district, which is situated along the highway [169] corridor,” said Cox. “All of our banks are located along this corridor and in close proximity, [and] I believe this situation feeds the perception.”
Local market research
A better comparison would show each of those cities and their number of banks—and retail and commercial businesses—in relation to Champlin’s. How many restaurants and retail businesses are located in Anoka, for example, in comparison to Champlin? Instead of approving more banks, the City might first consider attracting other businesses.
“I suspect you’re correct that we have some business categories, in comparison, with a lesser presence,” said Cox.
To provide an accurate view, Cox is investigating market research that examines local consumer supply and demand. “While we’re examining the market in one-, three- and five- mile concentric rings, our focus has been on the one-mile market, which best represents Champlin resident demand.”
Two more banks
The City of Champlin is currently aware of two financial institutions considering new facilities in Champlin. One is Financial One Credit Union, which is interested in relocating from their existing building behind the Super Wash on 123rd Avenue and Ensign Avenue. The other financial institution is an unidentified national bank, according to Cox.
For more information, contact Cox at jcox@ci.champlin.mn.us or 763-923-7104.
Champlin residents: What do you think?
Does Champlin need more banks? What are your suggestions and opinions? Post them in the comments.
great, another bank which I won’t be using. We could use another dining establishment, and I am not necessarily meaning a fast chain either. BWW, Broadway, and Moon Rock are quite busy and typically packed with patrons. Personally, I’d like to see these new dining establishments with larger outdoor seating designed with pedestrians in mind as welll as those who drive in. Incorporate our walking bridge and pathways to ehse places so we can enjoy 2 or 3 drinks and walk home.
I love your blog, Shannon! Great writing and good research. I’m very interested in what goes on in Champlin, and your blog is a terrific resource. Keep it up! I love the photos!
Rob:
I’m with you on those ideas, more restaurants with outdoor seating and designed with pedestrians (and how about bicyclists too) in mind. Perfect.
Becky:
Thanks! I appreciate your feedback and the photos are courtesy of my husband: http://www.flickr.com/photos/laurenceio2000, and he thanks you too. Please be sure to leave comments in any postings that inspire any ideas, reactions, etc.
fleetness says : I absolutely agree with this !