Sales growth slows at Big Yellow in more ‘muted’ quarter
Self-storage company Big Yellow Group has recorded a 4.4% increase in like-for-like revenue in the quarter ending 30 June, with growth slowing in the face of “heightened” Brexit uncertainty.
Like-for-like occupancy across its 75 stores grew by 125,000 sq ft resulting in a like-for-like closing rate of 85.1%, up from 83.3% in the previous year.
The company has been working towards a target of 90% like-for-like occupancy across the portfolio.
Self-storage company Big Yellow Group has recorded a 4.4% increase in like-for-like revenue in the quarter ending 30 June, with growth slowing in the face of “heightened” Brexit uncertainty.
Like-for-like occupancy across its 75 stores grew by 125,000 sq ft resulting in a like-for-like closing rate of 85.1%, up from 83.3% in the previous year.
The company has been working towards a target of 90% like-for-like occupancy across the portfolio.
Average net rent per sq ft increased by 1.6%, compared to the same quarter last year.
James Gibson, chief executive, said: “The like-for-like growth in revenue this quarter of 4.4% was affected by the more muted occupancy performance in the final quarter of last year, given the heightened uncertainty in the run-up to 29 March, the UK’s original proposed exit date from the EU.”
The company most recently bought a £20m development site in Harrow, north London, taking its pipeline to 13 potential Big Yellow stores.
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