Innovation is the name of the storage industry’s game in Asia and REDBOX STORAGE LTD is pushing back boundaries to create more value for customers and benchmark services that’s rapidly gaining more market share.

RedBox Storage was founded in 2007 under the name Big Orange but change its name in 2013 following a change of full ownership. The roots of the company however extends back over 10 years and this makes it very much a true Hong Kong company, according to Oliver Wing Hong Leung, its COO.

“The core self-storage markets in Asia are Japan, Hong Kong and Singapore. It is only Hong Kong however that remains highly fragmented. We recognized early on that there was a need for high quality storage with a major emphasis on customer service,” explains Leung.

“Hong Kong has a dense population with immense restrictions on space which remains at a premium to other Asian economies. Our city’s apartments are getting smaller and research shows that nearly 60% of the flats being released into the market lack any dedicated storage space. We wanted to be in a position to provide a service to enhance our client’s life styles and give them the space that they wanted.”

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Market Scope

The market has grown from the turn of the century to represent circa 4.37M sq.ft across 700 facilities run by approximately 90 different operators (2016 proprietary data), whilst this sounds a lot, it is not, Leung says.

According to him the industry is still very much in its infancy, representing a low level of saturation compared to western economies. “The data shows how fragmented the market really is. RedBox Storage has responded to this through developing larger facilities, providing an emphasis on safety, security high quality to stand as a centralized pillar in the local communities that we serve.”

“RedBox Storage has responded to this through developing larger facilities, providing an emphasis on safety, security high quality to stand as a centralized pillar in the local communities that we serve.” – Oliver Leung

Flexibility is Key

“We pride ourselves on our customer services and the security of our clients and their items within our premium facilities. We put customer service at the forefront of our business. Finally we have invested heavily in our facilities in terms of the quality and specification to ensure that they compliant, safe, secure and clean.

“We also recognise that the storage needs of our customers are constantly changing, such that we are constantly evolving our business model to maintain a relevance in today’s fast moving world. This can be seen through the recent provision of document storage for SME’s and our investment into a door to door service company where for e.g. sports equipment can be stored during the week and delivered on the weekend. We encourage customer feedback to keep us evolving with their needs – if we can better our service delivery we are open to doing it.”

Paving the Path

The devastating Ngau Tok Kok fire in June 2016 was a devastating event. Subsequent to that the industry has come together under the industry body, the SSAA (Self Storage Association Asia) to drive change, through the development of a long term sustainable solution for the betterment of the Hong Kong market. RedBox Storage has been at the forefront of this, working with independent experts to put in place a series of changes that provide reliable and safe storage for years to come.

“We do not believe in expansion for the sake of it. We see ourselves as an integral part of the communities that we work within. We have a fixed 5-year plan to provide further facilities across Hong Kong and the Pearl River Delta, but in a timely manner. It is difficult at the moment with the regulatory uncertainty, however, we want to inspire confidence in our business, so while we may not necessarily grow quickly, we will expand in a sensible way to ensure that our customers are always our priority.”

“Our secret is our employees, some of whom have been with our business for more than ten years. We believe that loyalty breeds loyalty which in turn provides stability for the clients that we serve. We want our staff to share in that vision by providing them with a promotional career path and a happy and fun working environment.”

For additional information, please visit www.redboxstorage.com.hk

Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2018

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