Malls to Storage Units: Coming Full Circle?

With the rise in popularity of online shopping, malls and big box stores are falling out of fashion. As the “anchor” stores like Macy’s, JC Penney, and Sears close, entire malls aren’t too far behind. But what can we do with all the extra space? More and more city planners are turning these large empty lots into storage units. And it makes sense. It’s not as if people are buying less – they’re just changing the way we shop.

So, Why Convert?

Increased urbanization and increased economic outlook across the nation has led to an expected rise in the self-storage market. People are buying more, but they’re living in areas where they can’t keep it all on their property. Using unoccupied space is also a smart business decision.

For one, it’s likely in a high trafficked location, which will increase your chances of people using your facilities. You’ll also likely get a positive response from the neighborhood. Rundown, abandoned buildings are typically seen as an eyesore, so they’ll be glad something useful is taking over the space.

Additionally, you don’t have to take on the expense of an entire build – just renovations to make space work for you. Some storage facility owners have reported savings of at least 30% when converting an old space compared to building from the ground up! Not only will this save you money, but you’ll also be reducing your need for resources, which is good for the environment.

It’s interesting that the place you once purchased all these things is now the place that you store them. Just because brick and mortar stores are going out of business doesn’t mean people aren’t buying things. Adapting to cultural shifts and changes in buying habits is essential in any industry.

 

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