STOREX's Mission to Turn Self-Storage Into a Tech Business

STOREX aims to disrupt UK self-storage by combining end-to-end digitalization, semi-autonomous operations and rapid site expansion.

• EQT began building STOREX from scratch in 2022 after rejecting acquisitions, with the first site opening in mid-2024 and five locations now operating inside London's M25.
• Its proprietary app lets customers sign up and access a unit in five minutes without staff, while door contacts, motion sensors, AI customer service and a facilities platform reduce staffing requirements.
• The company targets 30–35% occupancy in a site's first year and 65% in its second, aiming to become more profitable than incumbents such as Shurgard, Access, Big Yellow and Safestore with fewer sites.
• The UK has roughly one-seventh of the US's self-storage capacity per capita, and STOREX is targeting homeowners aged 35–55 as well as London residents constrained by average flats of about 670 square feet.
• STOREX has a medium-term target of 50 sites, plans to reach 10 around London by early 2028, and is scouting Madrid and Paris; development takes about 18 months versus the usual 2.5–3 years.

Takeaway: STOREX is betting that convenience, lower operating costs and underserved urban demand can support premium pricing and higher margins, but it still needs to build consumer trust, educate first-time users and prove that occupancy targets translate into durable profitability.