Tuesday June 27 2017

Seneca Backed Local Storage Provider Shows Growth Alongside Industry

A national survey conducted by the Self Storage Association (SSA) found that the self storage industry has grown once again.

Seneca Backed Local Storage Provider Shows Growth Alongside Industry

The survey found that Seneca backed Smart Storage, who have branches across the North West, contributed to this upward market trend.

Despite more self storage sites being built across the country, occupancy rates on current lettable space have increased from 73.1% in 2015 to 75.8% in 2016, showing demand is currently outstripping supply.

Like for like occupancy across Smart Storage branches increased by 24% over the same period, with revenues growing by 22%.

Furthermore, the launch of the first phase of their new flagship Altrincham store, took overall occupancy growth for the group to 39%, during 2016. 

As a result of this growth, they are currently expanding this flagship site

The extension will allow for an extra 25,000 sqft of self storage space, including an additional 450 storage units, and will open in August.

Mike Wilson, CEO of Smart Storage, said he was pleased the company was growing alongside the industry.

He said: “It gives me great pleasure to see our growth levels as a company, when compared with the industry as a whole.

“The expansion that is underway at our Altrincham store is a result of the sheer demand for self storage in the UK. We’re really excited to be opening our additional rooms soon.”

The demand for storage has rocketed in recent times among UK residents, with almost half of all of Europe’s self storage facilities found here.

Smart Storage conducted their own customer survey and found that they are above the national average in several areas.

Their study found that 29% of Smart Storage’s customers were expecting to rent a storage unit for more than 24 months, 3% above the national average from the SSA’s findings, proving that Smart Storage are a high quality local provider.

The SSA’s survey also found that the UK average net cost for renting a 90 sqft storage unit was £40 per week.

Smart Storage proved they’re a competitive high quality provider both nationwide and locally, as their prices for a similar 90 sqft unit, is in line with the North West average of £27.50 per week.

The nationwide study found that net rental rates in London are double the level of rates in the North West.

Mr Wilson said: “We found the statistics released by the Self Storage Association really interesting, particularly regarding customer pricing and churn, both nationally and regionally.

“We’re very proud that we are proven to be offering our customers such a high quality competitive service that they are happy to stay with us for much longer than the national average rental period.”

"The expansion that is underway at our Altrincham store is a result of the sheer demand for self storage in the UK. Were really excited to be opening our additional rooms soon."
Mike Wilson

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