Self Storage Business Improving

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Hide-Away Storage Discusses Improving Business Situation In Herald Tribune

Hide-Away Storage based in Bradenton and Sarasota Florida and its managing partner, Steve Wilson, were featured prominently in a major story in the Sarasota Herald-Tribune under the headline Unlocking New Storage Business.

Wilson was quoted as telling the Herald Tribune reporter that, “The Great Recession hit and demand fell through the floor. We’re starting to fill up again, but at a much lower rental rates.”

Five years ago, Wilson said, Hide-Away Storage had nearly 70 employees, both full and part-time, but the company now has 40 employees, although a higher proportion are full-time employees. Revenue for Hide-Away Storage now is about $9 million annually, compared to more than $11 million at the peak.

He also observed that a number of owners of self storage facilities on the west coast of Florida have been forced to sell their facilities at a loss because of lower income and higher loan underwriting costs which have threatened their financial condition, especially if they were facing refinancing.

Hide-Away Storage owns and manages 10 large traditional self-storage facilities in St. Petersburg, Bradenton, Ellenton, Sarasota, Ft. Myers and Naples Florida. It also has two mobile or portable, storage facilities for its portable storage containers. Hide-Away also manages or owns two Xpress Storage locations. The company’s headquarters are in Manatee County near the Sarasota-Bradenton Airport.

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Meisha Wilson
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