MyStorage expands to cater to Vietnam's rising storage demand

Over the past few years, Vietnam's rapid urbanisation has led to a denser population in major cities. This trend not only drives up the cost of living space, but also results in a growing demand for storage.

A number of startups and logistics companies have jumped on the bandwagon by providing mini storage spaces in the big cities. The services are aimed at meeting the storage demands of small businesses, startups, and individuals.

MyStorage plans to double the number of its mini storage units from 170 to 250 units of different sizes. In the coming years, the company will extend its reach to Hanoi, Danang, Haiphong, and Can Tho.

Aric Austin, founder of MyStorage, noted that Vietnam has ample opportunities for the mini storage model. This trend is being driven by the increasing demand for living space among young city dwellers. Meanwhile, the e-commerce boom is also a boon to mini-storage operators.

Small and medium-sized enterprises (SMEs) prefer renting mini storage spaces vs. managing their own warehouses. SMEs can enjoy competitive rental prices, while reducing the time and human effort to monitor inventories, complete packaging, and deliver goods to customers. Mini storage also offers flexible options for tenants in terms of rental periods and storage spaces.

"There are many similarities between Vietnam and other Asian cities like Singapore, Hong Kong, and Bangkok, where mini storage facilities are already quite prevalent,” said Aric Austin, the founder of MyStorage.

“The mini-storage model will take time to thrive in Vietnam. However, the Vietnamese market has already attracted several new players over the past year, which demonstrates the market potential. The competition will present opportunities for companies with good services and long-term vision."

MyStorage has been expanding rapidly since they opened their doors in August 2019. Their newly expanded facility, which increased its capacity in June 2022, has already achieved an occupancy of 98 per cent. Despite the pandemic and the recent global economic turbulence, the company has been able to maintain annual growth rates of well over 50 per cent.

“MyStorage naturally wants to offer a competitive price, but we’re also extremely focused on providing an amazing customer experience," the founder said.

“Our modern facilities are secure, clean and climate controlled and provide amenities such as a customer work space, hot showers and even free snacks and drinks. We have served nearly 2,500 very happy customers across our four facilities covering over 2,000 sqm.”

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