Most storage operators want to be the best at what they do. Oftentimes they hire the best in the business to develop the architectural plans, recommend security or to select the right type of doors to install, all in an effort to maximize the true potential of the real estate and the business plan. It is interesting, however, how many self storage owners and operators offer retail merchandise at their facilities, yet do not employ this same philosophy to this part of their business. Unless you are skilled in retail, you may want to consider consulting with an expert to truly maximize ROI.
It is extremely important to make certain all components of retailing are considered and addressed if maximization is to be achieved. Offering merchandise alone is only one part of the equation. It is equally important to manage inventory levels so products turnover faster therefore reducing the amount of cash tied up. Overstocking is a concern in self storage because many distributors know the storage operator will buy more if they can save a little. When this buying strategy transfers over to mattress covers, tape, bubble wrap or other items that take much longer to sell, purchasing and displaying can be counter-productive.
The fact of the matter is that retailing in the self storage industry is a convenience for your customer. This bulk purchase discount approach to retailing in self storage is not necessarily the best way to maximize retail ROI. Instead, offering an eye catching attractive retail display can assist in optimizing retail sales.