How is the self-storage industry coping with the recession and Brexit?

Since 2008, when the dreaded recession first gripped global economies, executives have attempted to analyse how their own individual industries have been hit by post-events. Now, as we look back, it is sometimes difficult to remember a time when we were living in a world without austerity measures and it could be said that Brexit to a certain extent was a direct result of all that has followed from 8 years ago.

Some industries have thrived because of recession

But not all industries have been hit hard. On one level, some industries have prospered where others have fallen. It often depends on what services or products are being sold. For instance, luxury restaurant meal providers are struggling whereas cheap fast food outlets continue to multiply. The service provided must be flexible enough to swing with downturns or upturns in the market to survive.

How has the self-storage industry been hit

The self-storage industry like most businesses has seen more negatives than positives. As the global economy has shrunk, businesses have had to put caution before investment and growth. Subsequently, whereas before 2008 there was a stunning growth in the industry across the UK, post-recession statistics show that start-up businesses within the industry has slowed down considerably and individual businesses are not opening new stores at the frequency experienced at the beginning of the millennium.

But the self-storage industry remains strong. Like many industries, even after the burden of the rise in VAT in 2012, there has been good signs. As organisations, have been unable to grow, supply has fallen leading to an excess in demand. Hence, prices have risen.

Self-storage continues to grow despite the recession

The market for self-storage has also changed in favour of the current economic climate. We can now offer clients a powerful solution to issues that are a direct result of the recession. This includes organisations who prefer to use the flexibility of self-storage rather than take out an expensive long-term contract with a warehouse. London companies are finding that self-storage providers outside of the city can offer a cost-effective option to storage issues. Self-storage offers a great facility for people who are downsizing and need a short-term storage area for valuables.

Overall the industry is driven by natural changes in life such as the birth of a baby, the termination of a relationship, a wedding. These events continue in some form or another whatever the economic climate and self-storage offers an inexpensive solution.

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