by John Stevens
August 24, 2011 1:12 PM
Success in business can depend on a number of factors. Academics will tell you that regardless of the kind of business, supply and demand will always be the key factors in generating a successful enterprise. That is not entirely the case in the self storage industry where the key to success is actually nostalgia.
Nostalgia is defined by Dictionary.com as “a wistful desire to return in thought or in fact to a former time in one’s life, to one’s home or homeland, or to one’s family and friends; a sentimental yearning for the happiness of a former place or time.”
Often times the things that make us nostalgic are not always things that fit into our daily lives, but since they remind us of something pleasant we can’t stand the thought of parting with them. As life goes on and other things, necessities to daily living, begin to take up space, those things that make us nostalgic need somewhere to go.
That is where self storage facilities come in hand.
A recent survey by Access Self Storage in the UK lends support to this theory.
"Nostalgia storing is a growing phenomenon. It started with hobbyists and enthusiasts, many of whom create entire museums within their storage unit celebrating the things they love. Now modern households are catching on and using storage as a time capsule for the things they cherish or don't want to forget, that they can't keep comfortably at home," Kevin Pratt of Access Self Storage said.
Among some of the more popular storage items in the UK (according to their survey) are first edition comics, toys, brand name memorabilia like Star Wars toys, Barbies, and Rubiks Cube, special edition newspapers and magazines, records, and wedding dresses.
The thought of finding items like these is exactly what has spawned the popularity of self storage auctions. When people can’t pay their bill, self storage facility owners are allowed to auction the contents (after a period of time) to cover what the tenant owes.
Thanks to television shows like Auction Hunters and Storage Wars, people are turning out in droves hoping to find a diamond in the rough. Sometimes they do score by paying little for a self storage units contents and then finding something like a football autographed by Jerry Rice, $24,000 in cash with the heads of the president missing, or a 18th Century Qianlong-dynasty antique vase (that sold for 53 million pounds).
Of course economic times like what the world is currently working through will drive up the demand for self storage units as people are forced to downsize their living arrangements. However, when the economy eventually does stabilize, it will be that feeling of nostalgia that will keep people from throwing out that old toy chest and the need for space that will keep them looking for a self storage unit to put it.
Sources used:
“Scalextric tops list of nostalgia toys we can’t throw away.” The Telegraph; 24 August 2011.
“Bidders sometimes score at Sacramento-area storage unit auctions.” The Sacramento Bee; 24 August 2011.
“Storage Wars--$24,000 in Cash Found Mutilated in Old Trunk.” Gather.com; 21 August 2011.
“Are there hidden treasures in your self storage unit?” Storage.Co.UK; 28 April 2011.