Lockdown lift gives boost to Big Yellow

Self-storage company Big Yellow has seen a rise in demand for its space as the UK economy emerges from the coronavirus lockdown. Activity has stepped up from businesses and individuals since mid-May, the company said in a trading update for the quarter to 30 June. Demand has been driven by online retailers and B2B traders, as well as other businesses rationalising their fixed costs. Total move-ins in June were up by 28% year-on-year, with occupancy growing by 10%. Like-for-like revenues of £31.7m were up by about 2%. Chief executive James Gibson said the business has “proved to be relatively resilient, although not immune to the resultant seismic economic shock caused by the lockdown”. “Although it is early in the second quarter, we are continuing to see an improvement in year-on-year occupancy growth,” he added. “Significant economic uncertainty remains, and it should be noted that we have limited visibility in this business, with customers tending to reserve only a few weeks before moving in.”   To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette