The culture within Asian countries makes them a perfect place for the self storage industry to flourish and thrive. Many of them are known for being among the more populated nations (and definitely among the highest in population per square mile) on the planet which would be reason enough for self storage businesses to succeed. Add in the cultural norm of having multiple generations living under the same roof and you have the perfect environment for the self storage industry to grow and thrive.
Almost surprisingly, the self storage market has been slow to develop and has only recently begun to grow and thrive in many Asian nations. Businesses have especially been taking notice of the self storage industry and have begun to make use of them to satisfy their storage space needs.
"With the rising cost of business space, self-storage helps business owners optimize cost by providing them with the option of renting a space that meets their size and tenure requirements, instead of being tied down by long and cumbersome leases,” said Vincent Lee, StorHub's vice-president of new business.
StorHub is a relatively new self storage company in Singapore. Since opening their doors in 2003 the company has grown by leaps and bounds. As pioneers in the business (in Singapore) they have been among the leaders in growth. In the time they have been open they have seen their customer base grow tenfold. Revenue has also grown to more than $13 million.
Extra Space Storage has grown to become one of the leaders in the industry in Singapore after having only been open since 2007. Much like StorHub, they have a large number of business clients, an estimated 20 percent of their total clientele.
Business and personal storage are not the only things that they do though. Extra Space Storage also offers wine storage and even has a special wine tasting room.
"The wine-storage areas are kept at a temperature of 13 deg C and a constant humidity level of between 65 per cent and 75 per cent… we also have a wine-tasting room, which has been designed as a cozy private lounge with comfortable chairs and tables, for customers who want to share their wines with family and friends," said Michael Hagbeck, Extra Space's chief executive.
With an estimated 3000 new clients a year in Singapore it comes as no surprise that Extra Space Storage has plans to expand from five facilities to eight by 2013.
Sources Used:
“Beat the space crunch with self-storage.” AsiaOne Business; 28 February 2011.
“Easy access to goods with flexible storage.” AsiaOne Business; 28 February 2011.