Leo Global Logistics opens 'Lifestyle Storage' store in Bangkok’s Chinatown
Leo Global Logistics Pcl has opened its second "Leo Self Storage" branch in Bangkok’s Chinatown, which is its first flagship store in Thailand.
The company plans two more branches by 2023, with a total of 10 branches opening in the next five years.The new facility is called "Lifestyle Storage".The target demographics include city dwellers, collectors, small businesses, and online sellers with limited space. The company's first branch on Rama 3 Road has a 90 per cent service rate.
According to Kettivit Sittisoontornwong, chief executive officer of Leo Global Logistics, "The Asian self-storage market is growing rapidly in comparison to other regions around the world. People's lifestyles have become more diverse. Thailand is reopening its doors. It is increasingly driving the tourism section. These factors reflect the increasing demand for rental storage space.”
In 2021, the global self-storage market would be worth $51.32 billion. By 2027, the market is expected to be worth 71.37 billion, according to a survey by ReserchAndMarkets.com.
According to Kettivit, "Currently, there are 6-7 competitors in Thailand located in Bangkok, Pattaya, Phuket, and Chiang Mai. The advantages of the businesses are good location, good price, and easy access for customers.”
"The Chinatown branch is the most comprehensive flagship for Leo Self-Storage, with an investment of 40 million baht. We have storage rooms for every lifestyle, such as "Lock Block”, which is a square metre in size and can be air or non-air conditioned. They can open and close the door through the application without carrying a key, have security 24 hours with alarm signal and 100 CCTV cameras. Customers can rent the storage with confidence,” Kettivit stated.
He added that the break-even point in this business is 60 per cent or higher. Each new branch opening in the first year must have 30-40% of people using the service, increasing to 80 per cent in the fourth year.
Leo Global Logistics is a leading integrated logistics service in Thailand, which can provide global coverage and pioneer in the self-storage business market.
