However, Mrithula Shiva (Mri), the general manager of Cube Self Storage (Cube) told Vulcan Post that this supply meets the increase in demand, as noted above. “According to the 2020 Asia Self-Storage Association Annual Survey, agents in the Asian industry experienced an average employment rate of 80%, compared to 70% the previous year,” he said.
Cube joined our storage industry recently after expanding from the UK to Malaysia in 2018, but what causes this self-storage demand?
One size fits all
Mri explained that this growth in the consumer segment was due to high real estate prices and the change in urban lifestyle at the end of the year. “Not everyone can afford to buy a new home as their family grows, so storage space is a good alternative, especially for condominium residents,” he explained.
Expatriates and frequent travelers are another growing market as they want space to store luggage, winter clothes, extra furniture and so on. [pre-pandemic] who kept all their furniture and decided to live nomadically, traveling from one island to another, working from their laptops, ”recalled Mri.
And because most people worked from home during the pandemic, the comfort of the workspace became a priority. Because Cube’s storage options are available monthly, many of its customers opted to move items they didn’t really need to storage as a temporary solution.
I mean, how many of us have tried KonMari at home or office over the last year? There are obvious elements that belong in the discard pile, but it’s harder to separate yourself from sentimental elements like old books and letters that still awaken joy even though they don’t have room for shelves left.
The concept of automatic storage is similar to renting a room, but instead you should choose a closet or warehouse that suits your storage needs. If you’re not sure how many square feet you need, Cube’s Storage calculator allows you to drag and drop items you want to store, such as a sofa or computer desk, thinking for you.
You can also start by renting a smaller storage space first and then adjusting it as you see fit. ENYA’s the founder, Elaine Hong, did so with her online sanitary pad business, where she had shrunk and shrunk her storage space according to stock levels. So he kept the costs thin and only used the space he needed.
This is another example of how storage facilities like Cube also benefit the B2B segment, especially for e-commerce vendors. It saves startups from high rental costs which in turn can help them scale their profitability faster.
This is because companies will not have to rent an entire office during a period when most of us are obligated to WFH. And they are pushing their services even further, combining their storage units with a shared workspace to cater to our growing e-commerce industry.
Marry storage and shared work
Let’s be honest, since the pandemic started, most of us have left our offices idle, but we still pay the monthly rent. Now there are dust bunnies, expired pantry snacks and air conditioners that barely work, you also can’t get rid of the space exactly because you still need it to store equipment and not many of us have more space at home for them.
Recognizing these pain problems for SMEs, Cube launches the Cube Co-Working space that allows small teams to work flexibly and store their documents, furniture or merchandise in their storage units.
“We believe that there is an unmet need in coworking, especially for e-commerce companies. In a typical scenario, they would need storage solutions for their merchandise and a separate workspace for their equipment, “Mri said. He added that Cube Co-Working will be in the same facilities as their storage units, but in separate spaces.
As the coworking space is already full in Malaysia, Cube is now opting to target e-commerce companies as they are already equipped with logistics resources. That is, loading docks, cargo lifts and free covered parking on its premises.
These are the prominent Cube factors that Mri claimed do not yet offer the typical local workspaces. Cube Co-Working currently offers 3 packages for its soft launch (45% early discount):
- RM39 for Cube Nomad (day pass for 1 pax) which includes a 10% discount on storage units
- RM159 / pax / month for Cube Desk (fixed desks from 1 to 3 pax) which includes a 20% discount on storage units
- 249 € / pax / month for Cube Suite (dedicated room for 4-10 pax) which includes a 30% discount on storage units
If Cube Co-Working takes off, Mri expects the space to be completely occupied in a few months. “Right now we have no revenue target to share, as we want to focus on perfecting the Cube Co-Working product and meeting the needs of our customers,” Mri said.
- You can learn more about Cube Self Storage here.
- You can read about other startups in Malaysia here.
Featured Image Credit: Cube Self Storage