Grand Rapids, Mich. — Meijer here has plans to continue its expansion of in-store financial services.
The retailer extended its partnership with Altanta-based financial consultancy IBT Enterprises late last month for another three years. IBT helps Meijer identify financial institutions for in-store locations. Meijer began with IBT in 2005 and the new arrangement runs to 2010.
“For Meijer, IBT primarily focuses on banks and credit unions. However, we also have insurance and mortgage companies in some of our stores. IBT has the capability to work with other types of services if we need them to,” Meijer spokesman Frank Guglielmi told SN. He did not provide details on the insurance or mortgage services.
IBT also will market, design and construct in-store retail space for financial service providers, said Tom Tucker, executive vice president of sales, marketing and client services for IBT.
Tucker declined to comment on the likelihood of Meijer increasing the number of stores with insurance and home loans, saying, “You have seen the trends at other supermarkets and my guess is that most grocers are looking to expand on the types of services they offer customers.”
The retailer monitors financial institutions' partnerships within the community and the variety of products or services they offer customers, Guglielmi said.