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.
Sources:
- Asia One Business: Boom in Self-Storage Trade as Homes Get Smaller
- Channel News Asia: Hong Kong-Based Storefriendly Opens First Outlet in Singapore
