Capital One plans to open its hybrid coffee shop-financial institution in two more Chicago neighborhoods by early 2017, part of a larger bricks-and-mortar expansion for the credit card issuer and online bank.
The McLean, Va.-based company said Wednesday that it plans to open Capital One Cafes at 3435 N. Southport Ave. in the Southport Corridor and at 1538 N. Halsted St. in Lincoln Park. The Lincoln Park location is in a new development where Dick’s Sporting Goods is an anchor tenant, and its Southport location is a former beauty salon, the company said.
Capital One currently has five cafes in Boston, and one apiece in Chicago’s Gold Coast neighborhood, Los Angeles, Philadelphia, San Francisco and St. Cloud, Minn.
“We do have plans for other markets,” Capital One market lead Mike Friedman said. South Florida, for example, will likely get as many as six cafes by the end of 2017. “Customers want a bank in their pocket wherever they go, but they also want a place with live conversation.” Capital One also believes that it’s important to have a physical representation of its brand, he said.
And further expansion in Chicago could be on tap, he said.
For now at least, the Gold Coast location will remain open, company representatives said.
Consumers need not be Capital One customers to visit the cafes.
Employees will “not have a banking conversation unless you ask,” Friedman said. Locations also have community meeting areas that are free for nonprofits or educational groups to reserve. They don’t need to be Capital One customers and don’t have to listen to a sales pitch, he said.
The locations also have ATMs, and will serve Peet’s coffee and sell goodies from local pastry shops.
“Delightful Pastries in Chicago is on deck for future cafes here,” said Antonio Wilson, a Capital One manager.
The new Chicago spaces are still being built out, but the Lincoln Park location will be about 8,700 square feet and the Southport Corridor site will be about 7,500 square feet. Both will have more customer space than the Gold Coast location, with additional meeting space and some private nooks.
