Menards and IBT ink deal for store-within-store strategy

Atlanta-based IBT Enterprises announced it has entered into an agreement with Menards as its preferred provider of in-store financial and retail partners.

Under the agreement, IBT will assist in identifying strategic partners to co-locate within Menards stores, as well as provide the design and construction of the in-store facilities.

"Many of Menards' customers are business owners, whether contractors, tradesmen or other home improvement service providers," said Adam Ray, sales and leasing representative for Menards. "Placing a financial institution in the front of our stores means these entrepreneurs can make one less stop during their work day. Doing so improves their productivity, allows them to generate more revenue and better serve their customers. The combination is a natural fit."

IBT also said it will be providing training to the financial and retail partners, to teach them about Menards culture and how to provide services the home improvement retailer’s customers would need.

"Staffing a standalone banking branch or retail establishment is very different from an in-store facility," said Carmen Cox, VP and retail account manager for IBT. "For example, when you visit a traditional financial institution, most of the employees are behind a desk or teller window and may focus on one service. In the in-store model, employees are more apt to interact with customers as they come and go, and in some cases roam the aisles to assist customers with their shopping."