Refurbishing an Executive Floor of a Major Canadian Bank
The existing executive floor of a major Canadian Bank in downtown Toronto was 'worn out' and did not reflect the image that the bank wanted to deliver to its customers. Given that lending institutions want to project a professional image in a cost-effective fashion, the bank was very sensitive in responding to this brand requirement. The bank had to project an image of stability and success, yet on the other hand they had to exhibit frugal financial management.
To deliver the image of stability and success, customer research indicated that the bank should change colour of all wood furnishings on this executive floor from natural oak (light) to a more traditional dark walnut (much darker). This was a potentially expensive and time consuming proposition. The scope of wood to be refinished included:
- 50 3’x7’ highly detailed custom wood doors
- 7,200 sq.ft. of wood wall paneling that matched the doors
- 10,000 lineal ft. of wood base board that matched the above doors and panels
- 10,000 lineal ft. of wood cornice that matched the doors, panels, and base boards
To react to the customer image requirement in a traditional fashion, the bank would have to remove the existing wood fixtures and replace them with newly manufactured product. The out-of-pocket cost of this solution the bank estimated to cost $202,000:
- New custom doors: $15,000
- New wall panels: $72,000
- New base boards: $12,500
- New cornice: $12,500
- Demolition of existing wood fixtures and installation of new fixtures: $90,000
Note that this is only the immediate out-of-pocket cost. Current manufacturing times to build the custom wood fixtures were approximately 7 weeks; it would take 2 weeks to demolish the existing wood on site and 8 weeks to install the new wood on-site. The major out-of-pocket expenses and time costs were major implications for the bank. The bank would have to wait almost 2 months before any work could begin, and executive operations on the floor would be disrupted for at least 10 weeks. This could necessitate a temporary move from the floor while the work was being done, adding to the cost and complexity.
Toronto Refurbishing Solution
Using environmentally-friendly water-based technology so that people could work on the floor the next morning (no smell or off-gassing), on a 1 week notice, Toronto Refurbishing worked overnight for 3 consecutive weeks cleaning and staining all the wood to a matching dark walnut finish. By accomplishing the work overnight, there was no impact to ongoing operations. The cost to the bank was $67,000, an out-of-pocket savings of approximately $135,000. Best of all for the bank, there was no disruption to their customers in a very competitive business environment.
Do you need to meet new design requirements with your wood refinishing? We’ve got you covered! Not only can we restore wood millwork to its original condition, we can also alter its colour and provide a variety of different finishes.