Expansion and Risk is Good in the Self Storage Industry

Posted on Jul 19 2013 - 11:56pm by Tony Gonzalez

There are some things in life we don’t want to see expand—our waistline for one; the role of a rival at work. In those cases more of one thing means less of another. However, when it comes to the business world—self storage and otherwise—expansion is a win-win scenario.

Expanding a business can be a scary proposition. On one hand you do get the chance to expand your realm of influence to a new area and increase revenue. On the other hand by putting yourself out there you risk failure. If the failure is bad enough it could cost you your business.

With risk comes reward and as much as expansion is a risk it appears to be a safe bet in the self storage industry offering a nice reward (profit)to those that are willing to try.

LifeStorage, a self storage company that primarily serves people in Illinois has been expanding out into other states. Like other self storage companies LifeStorage acts as a third party manager for some facilities. It started doing so for StorageOne, a facility in Southern Highlands near Las Vegas, in October 2012. As of June 17 of this year the facility officially became part of the LifeStorage family.

“We have learned a lot by managing 40 self-storage locations, and we are busy putting our best practices to work,” said Kenny Pratt, Direct of Operations at LifeStorage. “We hope our customers will like the changes.”

Since the company has been managing the facility for months, tenants will not see too many changes other than the ability to make reservations online. Later in the month the company is expected to rebrand the facility under the LifeStorage name.

This is not the only StorageOne facility that LifeStorage is taking over in the Las Vegas area. In May the facility in Rhodes Ranch became part of the LifeStorage family as well. The company has also taken over a former American Mini Storage site in Henderson in June. Like the other sites the company made plans to rebrand it as a LifeStorage facility.

“Our focus has moved from getting the deal done to the hard work of improving our customer’s experience…,” said Pratt.

The latest acquisition brings the number of facilities under the LifeStorage brand to 40 with most of them in Illinois, another in Wisconsin, and now four in Nevada.

Sources Used:

“LifeStorage of Southern Highlands Becomes Fourth LifeStorage Location in Las Vegas.” PRWeb; 19 July 2013.

“LifeStorage Opens Self-Storage Facility in Rhodes Ranch, Las Vegas.” PRWeb; 18 July 2013.

“Whitney Ranch Storage Facility Acquired by LifeStorage.” PRWeb; 17 July 2013.