Smaller Homes, Entrepreneurs Driving Self-Storage Growth in Asia
Copyright 2014 by Virgo Publishing.
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Posted on: 12/09/2011



 

The growth in the self-storage market in Asia is being driven by the trend in smaller homes and the high cost of retail space.

Entrepreneurs are turning to self-storage to house their wares rather than setting up costly storage fronts and signing long-term contracts. Some business owners even use the self-storage space for showrooms.

The trend for smaller homes is also driving the growth, as homeowners are using self-storage to store seasonal or hobby items, extra furniture or other belongings.

Hong Kong-based Storefriendly, opened its first Singapore branch this week.  The company has 90 stores through Hong Kong, China and Macau. On average, Storefriendly opens a new franchise every month, and aims 25 operating across the country by 2014. The company estimates the self-storage market could be five times bigger in just a decade.

Several other operators also have plans for development. StorHub self-storage, which has six facilities in Singapore will build a seventh store next year. Lock+Store self-storage, which has facilities in Bedok and Chai Chee, recently expanded its Tanjong Pagar facility by 38,000 square feet.  

To read more about the booming Asian market, download the Inside Self-Storage International digital issue.