Vietnam’s First Self-Storage Company to Open for Business
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SOURCE KingKho Mini Storage
HANOI, Vietnam, Nov. 9, 2018 /PRNewswire/ — With Vietnam’s economy growing rapidly, the need for a business concept called “mini storage” is rising. Reasons enough for Hanoi’s first self-storage company, KingKho, to open for business.
Mini storage, or “self-storage”, is used by both individuals or businesses to temporarily store possessions in an individually lockable unit, housed in a clean, well-lit, access-controlled and secure self-storage facility.
Unlike in a warehouse, employees of self-storage facilities do not have access to the customers’ units. Only the customer himself gets access and the keys to his specific unit. Think of mini storage like a “hotel for things.”
Self-storage in the U.S., Canada and U.K. have been big business since the 1970s. Bloomberg reports that in 2016 alone, the self-storage industry in the U.S. generated more than $32.7 billion US in revenues, almost three times Hollywood’s 2016 gross box office.
Wikipedia states a total of more than 55,000 storage facilities worldwide (with 52,000 in the U.S.). In Asia, the concept of mini storage is fairly new, but the sector is growing quickly due to a range of cultural and demographic shifts, according to CBRE Research.
In the times we live in, it is crucial for both families and business alike to keep overhead costs as low as possible. That’s why people and companies increasingly rent mini storage space.
KingKho, the first company to open a mini storage facility in Hanoi (Hadong District), is open for business as of October 2018.
Vinh Do, a successful businessman with extensive real estate experience in Vietnam and KingKho’s co-founder and director, explains: “There are now many e-commerce companies selling products online in Vietnam. With mini storage, they can just rent a small unit of 1m2, and easily add m2 as needed! As there are no deposits, nor any long-term commitments necessary, mini storage offers an easy and risk-free solution to customers.”
Lorenz Wagener, Mr. Do’s co-founder and partner from Germany, further adds: “In the self-storage industry, we call the main drivers for self-storage the 4Ds: dislocation, density, divorce and death. But besides those, mini storage can also be useful for businesses where the bulk of the work takes place outside of the office. Many mini storage customers are online shops, painters, electricians, landscapers, sales reps, plumbers and so on.”
If the timing is right and Vietnam ready for self-storage remains to be seen. The team behind KingKho is experienced and knows that new business concepts need some time to be fully accepted by the market.
About KingKho Mini Storage
KingKho is an internationally managed mini storage company based in Hanoi, Ha Dong District, Vietnam, offering individual and business customers individually lockable storage units housed in our clean, well-lit, access-controlled 24/7 accessible and secure self-storage facility. Unit sizes start at 1m2 and can go up to several 100m2.
An ‘S’ sized self-storage unit at KingKho Mini Storage Hanoi.
An image showing the recently opened self-storage facility of KingKho in Hanoi.
An infographic of CBRE showing the four drivers of self-storage in general
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