Expansion and Diversity Lead to Success in the Self Storage Industry

Posted on Jul 27 2013 - 10:44am by Winnie Hsiu

If you were a hotdog vendor that only sold hotdogs you would probably do okay. People like hotdogs so they are going to buy hotdogs. What if you offered chips, soda, or chilidogs? What if you had locations downtown, out by the ballpark, and in the mall? Chances are you would do even better, right? 

Of course because when you expand your market and offer a wider variety of products to your consumers not only will they have more to buy, but they will have more opportunities to buy. The concepts of expansion and diversity work in all sorts of industries—including self storage!

Now the first question that likely comes to mind is how in the world can you get diverse when your product is space? There are actually many ways—climate controlled units, specialty storage to name a couple. Many self storage facilities will also offer complementary products to enhance their business model such as tape, boxes, markers, and locks.

RPM Secure Self Storage in Michigan has come up with another way to offer self storage customers more options—mobile self storage. The Houghton, Michigan, facility has joined forces with COWs Mobile Self Storage so that they can offer mobile self storage as well as traditional.

“I’m excited to add COWs Mobile Storage to my list of services,” said Reid Susmark, owner of RPM Secure Self Storage on East Sharon Avenue. “It’s another facet of storage, providing a service like no other in our area. It allows me to be more involved with events, businesses and people in the area. While many people around here have heard of PODS, Houghton is too small of a community to support a big franchise like that. The COWs are a perfect fit for a small town like ours.”

With the growing popularity that self storage has experienced in recent years may companies have been working on expanding in order to get a bigger piece of the market. For example, Compass Self Storage (which is part of the Amsdell family of companies) has been an active buyer when it comes to self storage facilities. In 2013 alone the company has purchased seven facilities expanding its area of influence into ten states now.

Todd Amsdell, president of the company, made it very clear that this is how the company plans to proceed going forward in a statement when he said that growth “is projected to continue with the acquisition of quality storage properties in select markets,”

Sources Used: 

“COWs Mobile Storage is now in Houghton Michigan.” PRLog; 26 July 2013.

“Compass Self Storage buys Chicago property.” Crain’s Cleveland Business; 26 July 2013.