Nationwide Building Society has announced that it is reducing the hours during which the Ludlow branch will be open. From Monday 24 July, the Ludlow branch on The Bull Ring will be open to Monday, Wednesday, Thursday and Saturday. It will be closed on Tuesday and Friday.
We have to accept that banking is changing and more transactions are being done online. Closure on Tuesday makes sense as it is Ludlow’s quietest day and there is not normally a market. My concern is that Nationwide will be closed on Fridays, the day which has the second highest footfall in the town centre.
Cash is still important in the Ludlow economy, especially for businesses and the elderly community.
In its impact statement, Nationwide says more of customers are now using online banking, banking apps and telephone banking to manage their money. The number of people visiting Ludlow branch has been steadily declining, with in-bank transactions dropping by 43% between 2017 and 2022. Although 61% of Ludlow branch members are registered for online banking, more than half of members use the branch exclusively (53%).
We are not given the number behind the percentages, so we don’t know how many people will be affected by this change.
The nearest alternative branches are in Bridgnorth (20 miles, open Monday to Saturday) and Leominster (12 miles, open Tuesday to Friday). Neither can be described as nearby.
Nationwide will be writing to all members at the Ludlow branch to inform them of the changes.
The decline of high street banking appears to be in terminal decline. HSBC and Barclays have gone from Ludlow, and with them cash tills. It has not been unusual to find cash tills empty during festivals.
Bank closures are a common factor in the decline of the town centres. As shops and banks close, it becomes less worthwhile going to a town centre to shop and do business.
Ludlow has several closed shops and the former Barclays Bank building is still unoccupied. It is challenging times for the town centre but it is not yet in decline. We must do our best to keep it thriving.
As MP for North Shropshire, Helen Morgan said in parliament this week, we more support for our high streets.
The Government's plans for business rates are very disappointing at a time when firms need much more support.
Liberal Democrat plans would improve our high streets, boost investment and help shops that struggle.
None of that will be achieved by the Government's Bill. pic.twitter.com/1FkbbnFIeS
— Helen Morgan MP 🔶 (@HelenMorganMP) April 25, 2023
I visited Ludlow the other day for the first time in months and was shocked. Admittedly it was a grey rainy day but the number of boarded up and closed shops was shocking. I have to say that the impression to an outsider was very much a town in decline.