GROWTH OF SELF STORAGE INDUSTRY CONTINUES DESPITE DOWNTURN
10th FEBRUARY 2010
The UK’s self storage industry has continued to grow despite the economic slowdown, according to a report by Mintel for the Self Storage Association.
The report showed that the number of self storage facilities in the UK in 2009 had increased by 4% in the past year to 800 facilities, generating revenues of £345m and employment for 2,800 people.
The rate of growth in 2009 did slow – down from rates of 8-15% over the last five years but the association said there will be more growth in future as the UK catches up with more established markets for self storage such as the USA.
There is now 28m sq ft of storage space in the UK.
Rodney Walker, chief executive officer of the SSA UK, said: “The industry has shown itself to be reasonably resilient over the last year and remains cautiously optimistic for the year ahead. The last few months have seen some consolidation and investment in the market which, along with improved access to finance and a stronger housing market, will provide the industry with an opportunity for further growth.
“The UK market continues to lead the rest of continental Europe in terms of scale and revenues; however as the market continues to grow there is likely to be an increased pressure on margins and the need for operators to further explore additional and innovative revenue streams.”
Article Courtesy of Property Week