READ THIS NEXT: This Popular Grocery Chain Is Closing Stores, Starting Aug. 13. While some companies have only closed a few locations here and there, mass closures are not uncommon in 2022. Back in March, fashion retailer H&M announced that it would be permanently closing 240 stores by the end of this year. In May, it was revealed that more than 70 Sears Hometown stores would be closing in the coming weeks amid the start of dozen of liquidation sales. And just last month, popular sports chain Olympia Sports confirmed it would be shuttering all of its remaining retail locations by the end of September. Now, another company is adding to mass closures set for fall 2022. It’s not just grocery stores and clothing companies paring down their retail footprint. PNC Financial Services Group just confirmed that it is closing a total of 135 in-store locations within grocery stores in the near future, the Business Journals reported on July 29. According to the news outlet, the Pittsburgh-based bank chain is closing around 127 in-store branches at Giant Food and Stop & Shop supermarkets throughout Maryland, New Jersey, Delaware, and Washington, D.C. The other eight locations closing are located within ShopRite stores in Pennsylvania. RELATED: For more up-to-date information, sign up for our daily newsletter. Most of the 135 in-store PNC branches will be closing in waves throughout next year, according to the Business Journals. But the closures will actually begin this fall. The news outlet reported that PNC is reducing six branches across several states on Oct. 21—and this will include four of the 135 in-store branches.ae0fcc31ae342fd3a1346ebb1f342fcb PNC was already on track to shutter more than 100 branches before the end of June 2022, NBC-affiliate WPXI in Pittsburgh, Pennsylvania, reported in April. This is part of a major trend in big banks paring down branches as customers have started to prefer banking digitally rather than in person. But the massive set of in-store location closures reflects a separate but related trend, in which financial institutions are pulling out of retail establishments at a faster pace than closing traditional branches, the Business Journals explained. PNC is the fourth-largest bank chain in the U.S., which more than 2,500 branches spread throughout 26 states. But a spokeswoman for the company told the Business Journals that the decision to close more than 100 in-store branches was made following a careful review of its business model, strategic goals, and the potential impact to customers. “We remain committed to delivering our purpose to move all forward financially, and we are confident that we can meet or exceed our customers’ needs at nearby branch locations, including the additional 15 brick-and-mortar branches that will open in the northeast and Greater Washington region throughout 2023, alongside other available methods of banking,” the PNC spokeswoman said.
