Inside Self-Storage

FEB 2019

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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TILT-A-WAY TILT-A-WAY TILT-A-WAY Beautiful, Secure Commercial and Residential Entryways Security Gates Heavy Duty Barrier Design Safety Features • Adjustable safety obstruction systems • Barrier locks in down position • UL325 listed • Battery back-up 2011 Harnish Blvd., Billings, Montana 59101 800-523-3888 or 406-656-4360 • email Celebrating over 50 years in the business – Since 1957 • email Dedicated Performance forgone a drink at a concert because the bar was charging $12 for a beer, you know where this line is. Anything over $20 is going to start turning people off. Sales The key to any profit center is to view it as an add-on rather than an essential. Your primary focus should always be your self-storage offerings. With that in mind, don't be discouraged if your retail space doesn't generate a massive amount of revenue immediately. To increase sales, incorporate your retail offerings into your self-storage sales presentation. Mention the items you sell to new and existing customers. You can also offer specials, such as a discounted lock to a new customer or a 20 percent coupon on retail purchases as a thank-you for a long-term tenant. This will put your retail space in customers' minds and make them more likely to purchase moving and packing supplies from you. Customer service is also crucial to increasing sales. All employees should be trained to mention products during the leasing process and know the ins and outs of your retail offerings. For example, every team member should be able to explain the benefits of various locks and recommend products for storing certain items. Marketing The bulk of your retail revenue will come from tenants, but don't limit your customer base by neglecting to market to the community. Post signage outside your facility that clearly promotes your retail center to the public, letting them know you sell moving and packing supplies. In addition to this curbside marketing, use social media. You can also write a blog on your facility's website related to retail products. For example, you might create a post on how to store a mattress in which you mention that your facility sells mattress covers. A retail display wall at All Storage in White Settlement, Texas Packing kits at All Storage in Fort Worth, Texas Lastly, if possible, put your logo on your retail products to increase brand awareness. Many retail suppliers are willing to assist with this. When introducing merchandise at your storage facility, start slowly, stay aware of which products are popular in your market, and be proactive about getting the word out. Having retail space is a great way to garner more revenue without dramatically increasing your overhead. It's also a smart way to increase the value of your self-storage business by upping your net operating income. Whether you go big with an expansive store with specialty products or stick with the essentials, it's easy to find success. Krista Diamond is a staff writer for StorageFront, which allows customers to custom search and compare thousands of self-storage facilities. She's a graduate of the University of New Hampshire and lives in Las Vegas. When she isn't writing about storage, she's climbing mountains in the desert. For more information, visit February 2019 I ISS 17

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