What Inspired the Founding of Extra Space Storage?

Founder, Ken Woolley, initially noticed a lack of self storage availability and competition in the East Coast market after moving to Boston following college in 1977.

What was the original business model when Extra Space Storage was founded?

In 1998, the modern foundation of the company began after Woolley was inspired by a corporate strategy class he was teaching, creating Extra Space Storage's three main pillars:

1. Employee Focus: Investing significant time and resources into employee benefits and motivation.

2. Fairness in Business: Maintaining an unwavering philosophy of being fair in every business transaction and relationship.

3. Technological Sophistication: Leveraging technology to offer tailored pricing and promotions based on customer characteristics, a strategy he credits for outperforming industry competitors.