Brits turn to self storage (01/02/2009)

 

• More than £360 million spent of self storage last year
• Continued growth forecast for 2009

A report published today from Mintel reveals that the British public are increasingly turning to self storage for the safe keeping of their treasured possessions. The findings from the report show that in the last year the number of specialist safe storage units has grown by 10% to 750 facilities as the new industry works to keep up with the demand.

Despite an increase of more than two million square foot of new rentable space in the UK, penetration levels remain only a fraction of those in mature markets such as the US and Australia - suggesting a further significant opportunity for new facilities over the next ten years.

The report also highlights that awareness of self storage is increasing (an increase of 72% in the last year), which is also directly leading to greater usage. Another influence on the increased demand are socio-economic influences such as lack of affordable housing, downsizing and trends towards people living alone or family break-up.

Rodney Walker, chief executive officer of the SSA UK, comments:

“This report shows that the benefits of self storage are beginning to be realised by the British public. For more than 30 years, self storage has been widely used in America and Australia to help families store their belongings at a time of need and this trend has now spread to the UK as people realise the convenience and flexibility of self storage.”


Despite these positive findings, the industry still faces challenges ahead in supplying the increasing demand due to the lack good quality locations, financing for business in the current climate and a slow down in the housing market have also influenced growth rates.

Rodney Walker continues, “These are positive figures and we believe the growth will continue despite the economic challenges as long as providers continue to remain customer focussed and deliver a great service to the user.”

Ends

 

 

For further information, please contact:

Louis Hill, Source PR - 01270 781 315

Copies of the report can be obtained from SSA UK, Priestley House, The Gullet, Nantwich, Cheshire CW5 5SZ.  Tel:  +44 (0)1270 623 150 or via the website www.ssauk.com.

*  Figures exclude container storage facilities

Notes to editors:

• The Mintel Report was commissioned by the Self Storage Association of the United Kingdom (SSA UK) and is based on information supplied by 109 of its members thus covering 72% of the facilities operated by the membership in the UK.  The SSA UK has added its own view of the market place.
• The report estimates that there are about 750 primary facilities (not including container self storage facilities) with around 27 million rentable square feet.  This compares with more than 52,700 primary facilities and 2.2 billion rentable square feet in the USA and around 1,300 facilities and 26 million rentable square feet in Australia and New Zealand.
• The industry in the UK now generates revenues of around £360 million, serves more than 235,000 customers and employs more than 2,700 people directly in the business - either in stores or in central support.
• There are about 300 separate companies operating self storage facilities.  However, almost 45% of the available rentable space is in the hands of the UK’s eleven largest self storage companies.