Big Yellow Group, parent company of Big Yellow Self Storage, reported higher-than-expected performance for the fourth quarter ending Dec. 31, 2009, but the company’s chief executive, James Gibson, says 2010 will still be challenging.
Revenue rose to £14.3 million, with rental income up to an all-time high of £27.02 per square foot. Occupancy at the company’s 51 self-storage sites fell by only 6,000 square feet compared to 31,000 square feet and 28,000 square feet in the same quarters of 2008 and 2007 respectively.
January has started reasonably well, according to Gibson, with modest occupancy growth and a significantly higher level of reservations than at the same time last year, in what is historically a slow trading month. Even still, the company continues to believe 2010 will remain “patchy” for most consumer-facing businesses, he said.
Source: Telegraph.co.uk, Big Yellow Group warns 2010 will be 'patchy'