UK SELF STORAGE INDUSTRY REPORT 2023

SOURCE OF ENQUIRIES

This data is largely the same as 2021. The current labour market makes it more difficult to hire new staff so many operators are looking at incentive packages and other benefits to retain existing staff. Automation is also being adopted by self storage operators, particularly in new stores, which could see a reduction in staff over time.

Self storage stores themselves do not employ many people, with even the largest stores having on average only three full-time staff. However, while not direct employers, self storage stores are strong supporters of local small businesses. Many are viewed as business incubators, assisting local businesses transition from family-based, home-based operations to larger-scale operators themselves employing more staff.

SELF STORAGE

7 % REFERRAL 78 % WEBSITE

8 % SIGNAGE

1 % DIRECTORIES

ANNUAL REPORT 2023

2 % SOCIAL MEDIA

AVERAGE NUMBER OF STAFF FOR DIFFERENT FACILITY SIZES

3.5

3.0

4 % NOT KNOWN/OTHER

FULL TIME

2.5

PART TIME

2.0

1.5

1.0

Conversions online will always be lower as customers usually contact more stores online than they would in person. Many also find it more difficult to close a sale online without real time interaction between people.

Conversion data varies considerably from store to store as shown by the quartile bars in this graph. This is partly due to the way in which stores handle customer enquiries, but it is also influenced by the way in which they record their data. Recording all incoming enquiries to their correct source requires robust management systems. Online and walk in conversions both dropped this year. This is indicative of customers shopping around more than previously. Possibly a result of the inflationary pressures, people are looking to find the best price and will potentially travel further to do so.

AVERAGE NUMBER OF STAFF

0.5

1.4

2.9

2.5

1.7

2.9

1.3

0.0

LESS THAN 200

BETWEEN 200 & 500

MORE THAN 500

NUMBER OF UNITS IN FACILITY

ESTIMATED CONVERSION RATE

Caution must be taken when considering the source of enquiry data, as this can depend on the methods the store uses to track the data. A person may contact the store through their website, but they looked them up because they were aware of the store from signage or local advertising. There is no doubt, however, that online methods are the main source of contact for customers and are growing, up from 75% last year. It is likely that a portion of the unknown or other is from online sources that have not been measured. Directories have fallen to just over 1% as they become less relevant to customers in an online world. Social media remains low. The industry generally does not have a strong presence in social media, and it is likely that people who research using social media are measured as internet based sources as that is how they eventually contact the store.

90

Q3 86%

Q3 82%

80

70

Q1 70%

60

50

Q1 50%

40

30

Q3 25%

20

Q1 20%

10

23.67 % 70.86 % EMAIL TELEPHONE WALK-IN 61.22 %

0

%

P. 48

P. 49