According to recent industry reports, the UK self-storage industry is set to exceed a record £1bn in turnover this year, as consumer demand for additional space continues to surpass that in neighbouring European countries due to buoyant activity in the rental market. This relatively young industry started to take off in the 1990s and has proved to be resilient to economic fluctuations, growing in line with the population’s changing habits. One of the companies that has grown with this trend is Newport-headquartered Storage Giant, founded and managed by Simon Williams. The company started to operate in the self-storage sector in 2007 with one facility in Newport, followed by a second unit in Cardiff a year later. Today, Storage Giant is the largest privately-owned storage company in the UK with 14 modern facilities, opening number 15 in November, with several more in the pipeline.
“Storage Giant is a rarity in the self-storage business where the entry barriers are so high. I believe we are the only company of our size in this sector that is still 100% individually owned,” Simon Williams says.
Right drive, right service
The company offers self-storage services for domestic and business customers, as well as office space, and is committed to the further development of large supermarket-style self-storage facilities with flexi office suites, as well as business parks.
Storage Giant facilities are modern, bright, and airy with wide access staircases, loading bays, high-capacity lifts, and plenty of onsite parking. The facilities are price-matched weekly to ensure that Storage Giant is the cheapest self-storage provider, are secured with best-in-class security and have a team on hand to provide any advice the client may need.
The dedication and determination to best meet clients’ expectations have been reflected in the company winning numerous awards, including the Economic Contribution Award 2019 and 2020 in South Wales, Business of the Year Award 2020, Most Outstanding Commercial & Domestic Self-Storage Facilities in England & Wales 2021 and many more. Over the years, Storage Giant has collected thousands of positive reviews on Google with a 4.9-star rating – an impressive achievement.
What has driven this success and growth, unhindered even by a financial crisis and a global pandemic? “Determination and lots of hard work,” says Simon Williams. “Our stores are fitted to the very best standards with maximum safety. We also strive to create a very retail-oriented environment – an inviting, bright, airy space that is very attractive and transparent. From the beginning, we have always aimed at reaching customer excellence.”
Immaculate planning
He explains that Storage Giant has always pushed the boundaries of the available technology and has frequently utilised technology in ways that no other operator has in the past. “Since 2012, we have been fitting photovoltaic systems to all our stores and since 2014 all are provided with LED lighting, in order to make those stores run as efficiently as possible.”
To make customers’ life easier, the company has enabled app access to every store location. “Every customer can download the app and use this to open the main gate after hours, gaining access into the building without ever having to key in a code to a keypad. This can be used both during normal hours and after hours if they have 24/7 access,” says Williams.
He further points out that ultimately, it all comes down to cost management. The company has the lowest possible cost base, which allows Storage Giant to undercut its competitors and compete effectively with much larger players in the sector.
“We strive to drive costs down in every area so that we can offer the best price while still providing the best service. We focus on three metrics – return on capital employed, gross initial yield, and payback – and those three key metrics are significantly shorter for Storage Giant than for anyone else that I’m aware of,” says Williams. “We also want the value of each store to be at least double what we put into it. Those are our minimum requirements.”
In terms of the physical assets, each store is immaculately planned to the latest detail. The company’s new facility at Stoke on Trent, now being refitted, has had 15 revisions regarding layout. “We are constantly tweaking it until there’s nothing more, we can do to it,” Williams remarks.
Further growth
Given its steady growth since its inception, Storage Giant’s ambitious plans seem realistic and achievable, he insists. “We’ve got six further locations across the UK in various stages of development. We are looking at a so-called mix-use scheme that combines self-storage space with other amenities such as a Starbucks coffee drive-through, retail parade and similar. It would not be economic just to put self-storage on a multi-million-pound piece of land in a prime retail area. So, in the future, we will push for quite large projects.”
Progress is well managed and carefully considered, he affirms, pointing out that while demand in the self-storage sector has stabilised over the last year, a further increase is expected. “Post pandemic, we have now been faced with further challenges since 2021 – an extremely difficult job market as well as excessive material and energy costs which have all emanated from rampant profiteering.”
“Still, we are used to dealing with and overcoming challenges, as we have demonstrated by opening our first store during the worst financial crisis in recent memory. So, we remain positive. The expectation is to double our turnover within 2 years and quadruple it in 4 years.”
He is well aware that this would only be possible with the right team of dedicated individuals. “At Storage Giant, we believe in recognising and celebrating the hard work and achievements of our teams and colleagues. In the end, they are the ones that are responsible for moving the business forward. Without them, there would not be a business,” he reflects in conclusion.
