Japan’s dense population of 873 people per square mile (compared to 85 per mile in the US) leads to small, premium-priced living spaces. Many Japanese need more space and would benefit from a self-storage solution. Surprisingly, there are only 23 companies listed as members of the Rental Storage Association of Japan.
The RSA will soon be getting a new member. General Storage Co. Pte. Ltd. (GSC), a Singapore-based company that operates self-storage facilities in Hong Kong, Singapore, and Malaysia, is partnering with Keiyo Butsuryu Co. Ltd. to create a new company called the Japan Self-Storage Company. Its facilities will operate under the name Private Box.
“Japan is an important market for us,” said Helen Ng, CEO of GSC. “Given the high population density and income per capita in Japan, we believe there is a growing market and customer demand that we can collaborate to satisfy.”
With 126,880,000 inhabitants, Japan is the tenth most populous country in the world and the 40th most densely populated. The average annual income per person is $38,216 (29th in the world).
By comparison, the United States, with its 50,000+ self storage facilities, has the third-largest population with 322,021,000 people and is the 182nd most densely populated. The average annual income is $54,629 (ninth in the world).
GSC will own 60 percent of the stock (36,000 shares) and Keiyo the remaining 40 percent (24,000 shares) in a company that is valued at JPY 300 million. It will be a subsidiary of GSC’s parent company, Singapore Post Ltd. (SingPost). SingPost, which is also the national postal service provider in Japan, bought the company in 2013.
GSC ventures to expand its reach to the 4.2 billion people living across Asia (225 people per square mile). The company recently acquired the StoreFriendly brand, as well as four Store House facilities in Hong Kong. Keiyo, which is part of the Mazuren Group of logistics companies, specializes in warehousing and provides essential expertise as the partnership expands into Japan.