Pakdee Anivat secured funding for his venture, i-Store, and is using it to supercharge the growth of his company across Thailand. His 'overnight' success has been over 30 years in the making. Some of his lessons he learned the hard way, but he took them to heart to drive for success in self storage.

 

WHO IS PAKDEE ANIVAT?
 A classic middle child, Pakdee Anivat hasn't always walked the obvious straight line of a dutiful son. After high school, he didn't take the engineering path like his brothers, following in their father's footsteps. But his foray into business turned out to be what the family needed in their darkest hour.
He did continue his education but chose to study business at Thammasat University in his native Bangkok. He might have lived out the credo, "Never let your classes get in the way of your education!" The Asian Financial Crisis of 1997 dealt him- and millions of more experienced investors - a harsh blow as the miracle economic boom years came to a crashing halt, the Thai baht being the first domino to fall in South East Asia.

He did manage to graduate and went to work in the capital market division of a local bank. This experience served him well when the family needed him back in the fold.

"THE BUSINESS SON"
AND THE UNITRIO TURNAROUND
His brothers had chosen a path in engineering as their father did and with good cause. Pakdee's father, Montri Anivat, had founded a successful IT systems and data centre business. But in the wake of the Financial Crisis, it racked up over 150 million baht (over $4 million USD) in debt. The middle son was needed in the family business to get it back on track.

He rolled up his sleeves and went to work reforming the accounting system, restructuring finances, and handling sales operations. The new controls and systems had an effect and over time the company reduced its debt and got back in the black. 15 years after joining the firm, the family saw fit to make Pakdee the President. At that time, the company had over 200 employees and hit a vital milestone - 1 billion baht in annual revenue (over $29 million USD).

He set his sights on a public listing for the company and domestic and international funds piled in. Their success did not go unnoticed. In 2013, investor The Abraaj Group sold its investment in Unitrio to NTT Facilities, part of the Japanese telecommunications behemoth, NTT. Part of the plan was to build Thailand's biggest-ever ever data centre in the Amata City Industrial Estate in Chonburi province. In 2015, the new facility opened to great fanfare.

Leadership in technology saw Unitrio, led by Pakdee Anivat, collaborate with Japan tech giant NTT to open Thailand's largest ever data centre.

WHAT IS THIS 'SELF STORAGE' YOU SPEAK OF?
But this transaction meant the family was out of the business and Pakdee needed a new mission. Investing in real estate was fine for a while, but when a friend in Singapore told him about this strange new business - "self storage" - he was intrigued. Rapid research quickly convinced him that self storage would be a winner in Thailand. With three of his best staff from Unitrio days, he jumped into the game. The parent company of the brand i-Store, is Storage Asia and it started 100% funded by the bank of Pakdee.

He found his first site for land purchase on Sukhumvit Soi 24, an upscale neighbourhood characterised by high-density condominium populations in the city centre. But given it would take about a year to build the site, Pakdee decided to develop and test his operations by opening a branch in Silom, using a commercial building renovated into a self storage facility for i-Store.

This first branch was only 420 square meters and offered 112 self storage units-about 1/10th the size of the planned Sukhumvit 24 branch. However, this smaller branch provided valuable learning experiences in service operations, marketing, and cost comparisons between renovating a building and constructing a new one. All this provided data and experience that was valuable when considering expansion. He quickly came to grips with the reality that each new branch required significant investment, so he sought out partners to strengthen Storage Asia's finances and accelerate the expansion process.

Survival and then growth demanded a wide range of financing solutions and Pakdee became adept at all of them: borrowing money from financial institutions, using personal assets as collateral, and negotiating with investors interested in the business. This eventually led to i-Store's first round of fundraising in 2021 through a private equity trust fund from SME Bank. The investment from SME Trust acted as a stepping stone, attracting other investors to join in the business.

Lessons learned from turning around Unitrio came into play. Investors could see that there was an organizational culture that supported a team aligned on their vision and goals. One of the keys for investors is that Storage Asia and i-Store are a pure self storage play, 100% focused on making the self storage work.

Success in Bangkok is now providing the stepping stone for Pakdee - and some of his competitors to expand into the rest of Thailand. Bangkok has a unique mix of internationally minded, well-educated locals and affluent expatriates that the other cities might not enjoy. Bangkokers live in highly densely populated condominiums with less living space atop rapid transit stations that could get them to self storage facilities.

In other provinces, they are seeking to capitalise on tourist destinations like Phuket, Chonburi, and Chiang Mai, which sometimes also have resident foreigners familiar with self storage, retirees or "Work from Anywhere" digital nomads who may come and go for extended periods, driving self storage usage. These early adopters in in these markets pay the bills as the domestic market becomes more familiar with self storage and how they can use it for business and personal use.

The COVID pandemic was a turning point as Thailand's operators worked together to educate domestic customers about the benefits and uses of self storage through social media.

WHAT'S NEXT?
Self storage is the core but rental isn't the only income stream. i-Store also offers self storage design & construction services for landowners and building owners to renovate or develop space and provide self storage services on their property. The company offers consulting from experts in space design, construction, self storage partitions, and storage management services. Project feasibility, site analysis, maximally efficient layout and marketing are all part of the package.
They're also planning to develop other types of storage, like outdoor storage, to serve the needs of the widest possible range of customers.

10 i-Store branches across Bangkok will be joined soon by i-Store's biggest-ever facility in Ekkamai, Bangkok. Plans are being made and sites sought to bring the i-Store brand to other provinces, particularly tourist destinations in Thailand. International expansion hasn't been ruled out. His taste for international adventure may have been whetted by the TV dramas of his childhood, like Hong Kong's The Legend of the Condor Heroes, full of kung fu and mystery. Every year, you can find him abroad at the Self Storage Expo Asia where he and his team are sharing their success stories and bringing the best of the world to i-Store and their growing self storage empire.

Credit : STORBOSS Magazine by SSAA, issued February 5, 2025

Storage Asia PLC. has become the leading self storage service provider in Bangkok. The latest facility is the i-Store Self Storage Thong Lor 9 branch, aiming to meet the needs of customers in Soi Thong Lor and Sukhumvit’s odd-numbered side. i-Store Thong Lor 9 is located on Thong Lor Soi 9, 800 meters from the Thong Lor BTS station. This location is considered a prime area, surrounded by condominiums and a large number of expats. The expansion of i-Store Self Storage in 2024 marks a significant step, with the company growing from 5 branches in 2023 to a total of 10 branches. These include (1) Silom branch, (2) Sukhumvit 24 branch, (3) Sukhumvit 71 branch, (4) Sathorn One branch, (5) Hua Lamphong branch, (6) Udomsuk branch, (7) On Nut branch, (8) Chatuchak branch, (9) Phloen Chit-Nana branch, and (10) Thong Lor 9 branch, with a total service area of 9,131 square meters, making it the largest self storage service provider in Bangkok. This does not include the 3 unmanned storage branches located in condominiums: Aspire Sathorn-Taksin, Hasu Haus T77, and Noble Phloen Chit. Additionally, i-Store recognizes the growth potential of the self storage business in Thailand and plans to expand its service coverage to include more areas in Bangkok and other economic and tourist cities across the country. The company also aims to enhance its service model to better meet the needs of its customers /*! elementor - v3.17.0 - 01-11-2023 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=".svg"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}

Andrew Work, executive director of Self Storage Association Asia (SSAA), sees bright prospects for self storage in Thailand.

"We had our Expo last year in Bangkok on account of the rapid growth of self storage there and in other cities in Thailand," said Work. "One of our members Storage Asia PLC - is listed on the junior board of the Stock Exchange of Thailand, known as the TES LIVE Board, and they have been attracting a lot of local investment from logistics giants. Thailand's self storage story is very exciting."

Thailand storage pioneer Pakdee Anivat, founder and CEO of Storage Asia PLC, had his "aha" moment in 2015 when he saw how self storage was growing in other countries, such as the U.S., UK, Australia, Hong Kong, Singapore and China.

"I have always been interested in the real estate industry," said Mr. Pakdee. "Plus, I thought self storage had potential in Thailand because of the customers' behavior, especially those who live in condominiums, and also the density of population in the Bangkok urban area."
(Cultural note: By contrast with the U.S., Thai naming conventions put more emphasis on one's given name, which precedes one's family name. Thus: Mr. Pakdee rather than Mr. Anivat.)

He launched Storage Asia PLC in June 2015, then opened the company's first facility under its i-Store Self Storage brand in Silom in October 2017. i-Store's 1,700-square-foot foray into the industry drew a modest response initially. "During the first three months, we only had fivecustomers," Mr. Pakdee said. "However, with more awareness and our team's hard work, we now have 100,000 square feet with seven branches.

Mr. Pakdee pointed to several factors driving the growth of i-Store Self Storage and of the industry more broadly in Thailand - among them urbanization, population density, rising condo prices in Bangkok, growing e-commerce, more people adopting a digital-nomad lifestyle, and greater awareness of self storage as a service.

In addition to condos costing more, their size is shrinking, leaving residents pressed for space. Mr. Pakdee said the average one-bedroom unit in the Bangkok area is 250-300 square feet, with an average cost of $400 per square foot.

In addition to residential storage, e-commerce growth stats for Thailand indicate a rapid and significant increase now and in the years ahead. "For online merchants, they need a place to stock their items while buyers need a place to keep what is rarely used," observed Mr. Pakdee. "Thus, self storage can serve as business storage as well." On top of those trends, he noted, more foreigners are coming to Thailand, sometimes to work and sometimes to retire. "Self storage is needed during their relocation and while they are living in Thai- land," he said.

An estimated 3 to 4 million of Thailand's 71.85 million residents are foreigners. Most of those are from nearby nations in Southeast Asia, but many are from other countries around the globe. Thailand which is about twice the geographic size of Oregon, for example - ranked sixth out of 53 nations as the best place for expats, according to the latest survey by InterNations, a
Germany-based global community of 5+ million members in 420 cities around the world that offers networking and socializing opportunities for expats. Bangkok ranked ninth out of 49 cities in InterNations' 2023 Expat City Ranking.

Mr. Pakdee sees plenty of room for further growth in Thailand's self storage market. He said Thailand has about 500,000 square feet of self storage, compared to around 30 million square feet throughout Asia.

"We would like to expand the business within five years," said Mr. Pakdee. "We are planning to open in Phuket, Pattaya, Chiang Mai and other provinces." His planned expansion would add 300,000 more square feet of net leasable area to his current 100,000. Mr. Pakdee said he welcomes any partners or investors who are interested in expanding i-Store Self Storage which has won several awards from the SSAA in Thailand and into other Southeast Asian countries, especially in those other countries' capital cities.

He attributed some of i-Store's success to the technology that has enabled his team to provide a positive customer experience. They developed their own proprietary unit rental and storage management system so it would work with the Thai accounting system. They are trying different payment systems and platforms to see which one best suits their needs. They developed their own booking system (website and UX/UI) but outsourced its implementation. And they are testing different access-control providers as they integrate it into their website and management system.

Credit : SSA Magazine July 2024

Currently, Storage Asia Public Company Limited has instilled a sustainability mindset in staff members by starting with awareness of environmental issues, waste, and energy. This begins with some initiatives, such as developing an e-Document system for internal use, planting replacement trees to increase green spaces, and properly separating and disposing of electronic waste.

In our mission to promote sustainability, the focus is on creating leaders within the organization and fostering a sustainable culture. The company supports and encourages everyone to participate in driving the organization forward according to ESG policies, ensuring success and maximizing benefits. This work requires a dedicated workforce driven by knowledge and willingness, so leaders must serve as role models and support participation to coordinate everyone's efforts in building a strong culture.

Developing employee skills to effectively implement and advance ESG policies is achieved through collaborative activities within the organization and promoting sustainability in social aspects, including ensuring the safety, health, and well-being of employees and the surrounding community. This includes promoting equality and diversity within the organization, creating a positive work atmosphere to attract quality personnel.

Sustainable growth for the self-storage business must extend beyond expanding service areas and increasing revenue. It requires integrating development and designing services that meet customer needs, while communicating the value of an environmentally and socially responsible business to attract customers who prioritize sustainability. Creating content or guidelines for customers on sustainable storage practices also enhances the company’s trustworthy image, positively impacting brand perception and customer loyalty in the long term.

Stepping into the 9th location, it reaffirms our position as the leading storage service provider in Thailand, aiming for a total of 10 branches this year.

Mr. Pakdee Anivat, CEO & Founder, officially launched the i-Store branch at Ploenchit-Nana on October 31, 2024, to meet the growing demand from customers in the Ploenchit-Nana area—a prime location ideal for residents of condominiums and office buildings. The new branch is located in Soi 1 on Sukhumvit Road, just 450 meters from the BTS Ploen Chit station, providing convenient parking for customers to easily move their belongings.

The opening of the i-Store Ploen Chit-Nana branch is part of our planned expansion strategy, targeting 10 branches in Bangkok by the end of 2024, with a total service area exceeding 10,000 square meters. This expansion not only accelerates our branch openings but also reflects a 100% growth in customer usage compared to 2023. This surge is attributed to increased awareness of storage services among the Thai population, along with a rise in foreign investors and expatriates working in Thailand.

If anyone asks what they get from choosing i-Store ... how is i-Store similar to or different from other brands, besides being located in a prime location? This question drives i-Store to think, develop, and create differences to show a clear stance in the competitive self-storage market, aiming to provide value and maximize benefits for customers who use our services. We focus on creating a positive experience and repaying customer trust with the values from i-Store PRIME, which highlights the following main points:

• i-Store -P = Premium: Ensures that every customer interaction reflects the difference of using self-storage services at a premium level, conveyed through the design of the location and the welcoming service of cherished belongings, creating a warm atmosphere, making i-Store feel like a part of the customer’s home.
• i-Store -R = Reliable Partner: Values customers as partners who work together to achieve good things, accepting feedback and continuously improving, with the hope that our services will satisfy our customers.
• i-Store -I = International Standard: Builds customer trust with internationally recognized standards, through systematic and efficient operations.
• i-Store -M = Managed by Professionals: Offers management services by a professional team to build credibility through staff who prioritize essential elements in creating the most valuable service experience.
• i-Store -E = Excellent Service: Provides service that exceeds expectations and becomes the top choice for customers, focusing on delivering the best services and benefits to our clients.

At i-Store, we work together as a team. Our staff at each branch are not only happy to provide professional advice and assistance but also continually develop products and services to ensure the highest quality. This way, customers can be confident and trust that storing their belongings at i-Store is worthwhile and will create the best experience when using our services.

On the journey of personal storage services, the i-Store brand has established as one of Thailand's leading brands over the past 7 years, with 10 branches across Bangkok. We have received significant feedback from customers for our convenient locations, cleanliness, standardized security systems, and, most importantly, exceptional service that exceeds expectations.

With the commitment of Mr. Pakdee Anivat, CEO, Storage Asia Public Company Limited, to enhance i-Store's accessibility to customers, the company aims to offer services that go beyond storage service. This includes diverse and comprehensive storage solutions that meet both service and business partner needs. The company's vision serves as a guide in the direction while inspiring the team to contribute to creating something great and valuable. Our vision is to be leader in self storage industry by conducting business professionally and innovatively. We aim to cultivate sustainable growth through collaborative innovation with our partners.

To achieve this long-term vision, the company has 3 missions:

1.        Create Value: Fulfill customers’ needs across all lifestyles and aim for the best customer satisfaction.

2.        Ensure Quality: Enhance product and service excellence through advanced technology and management systems to optimize performance and minimize environmental impact.

3.        Establish Standards: Operate with governance, foster innovation, and expand market presence internationally.

This year’s goal is not only to proceed with the company’s listing on the MAI stock exchange to raise funds for expanding branches throughout Bangkok and other provinces in Thailand, but also to enhance the company’s growth potential and ensure stability for the future. This will enable the development of modern service models that meet customer needs across all lifestyles.

 

 

Storage Asia Public Company Limited participated in the ESG to Capital for Tech Entrepreneurs project organized by AIS The Startup to enhance knowledge in ESG principles over a 3-month period. The program included ESG coursework to establish foundational understanding, ESG Clinic for in-depth business operation strategies, and a showcase featuring technology to support ESG principles.

 

On July 18, 2024, the company received certification from Mr. Somchai Lertsutthiwong, CEO of AIS, who congratulated and presented certificates to the partners participating in the program during the Certificate Ceremony and CEO-Founder Dinner.

 

The company aims to apply the knowledge gained from this project to align its business with ESG plans under the "i-Store Friends”, partnering in ESG for environmental purposes to achieve sustainable growth and create shared societal benefits.

“Not ready to let go.” This phrase is a trap for many people who want to organize their homes but never succeed. Throughout our lives, we constantly encounter stories and changes. Some choose to preserve memories through personal items, awards, clothing, furniture, or various collections. However, as we grow older, the trends around us change. Those items may no longer hold enough value to keep. The only option is to let go. Yet, letting go isn't always an easy decision when those items were once beloved, cherished possessions filled with attachment and memories. It’s tough to part. And if we decide to keep them, how can we ensure they don’t become clutter in our homes, even though they once brought us joy?

 

i-Store Self Storage invites you to reclaim meaningful space for memories at the i-Store On Nut branch, a healing space for those with lots of belongings who enjoy organizing, collecting, and find it hard to throw away memorable items. i-Store On Nut serves as a place to receive those items, allowing customers to store and reflect on whether these belongings still hold value and happiness for them. The design and decor of i-Store On Nut aim to provide a simple, warm hospitality experience suitable for customers of all ages, both Thai and international, accommodating all sizes of items that customers need to store. The building is large and allows for visibility of sample units from outside, making it clear that this is a self-storage facility for those facing storage issues.

What makes i-Store special is not just its beautiful building design and decor. The facility offers standout facilities compared to other branches. i-Store has rooms for online sellers or content creators who need a studio for live streaming or content creation. These rooms come equipped with live-streaming lighting kits, microphones, and tripods, ready for content creation. Additionally, the i-Store On Nut branch is conveniently located in Soi Sukhumvit 52, just 700 meters from the BTS On Nut station. It can accommodate both large and small items, relieving customers of concerns about transportation and the size of their belongings, because no matter how small or large your memories are, they can all be stored at i-Store.

At i-Store, we recognize that employees are the core of driving the organization forward. Therefore, the company places significant emphasis on creating a positive work environment that encourages all employees to work together happily and coexist within a culture that provides a good working experience for everyone. i-Store DNA is a key element in selecting individuals who help create a positive atmosphere and environment within the organization, attracting good things, and sharing and exchanging knowledge that leads to organizational success.

i-Store DNA comprises four main principles:

• Creative: To be able to generate new and beneficial ideas for both customer and organizational needs.
• Self Development: Continuously develop themselves and seek new knowledge to apply in their work.
• Positive Thinking: Maintain a positive perspective and approach towards themselves and their colleagues.
• Multi-Function: To perform assigned tasks and possess a range of skills.

We believe that these four DNA principles are crucial in connecting relationships and attracting individuals with similar DNA to work together under a supportive organizational culture that promotes employee happiness. The company prioritizes employee benefits, making employees feel valued and supported in their quality of life. We are committed to recognizing and believing in the potential of our employees, supporting and encouraging them to fully utilize their skills. We understand that providing good benefits not only wins employees’ hearts, fostering their commitment and satisfaction but also enhances the brand’s image and helps attract talented individuals. Employees are the vital force driving the organization toward success.

Mr. Pakdee Anivat, CEO & Founder, leads the ESG working group to join the mangrove planting project. At the Klong Khon Mangrove Forest Conservation Center, Samut Songkhram Province, to restore the mangrove ecosystem to balance. This i-Store activity: planting trees to reduce pollution is one of the activities that the company makes employees aware of the importance of global warming and greenhouse gas emissions which is mainly caused by carbon dioxide gas. It causes climate change temperature of the earth's surface, various natural disasters affecting people's lifestyles and well-being. This planting project joint with Khlong Khon Mangrove Forest Conservation Center is an activity that the company wanted to provide support to restore the mangrove ecosystem to balance and reduce the amount of carbon dioxide.

The response from customers using i-Store Self Storage services across its 8 branches has been in line with expectations. Storage Asia Public Company Limited, led by Mr. Pakdee Anivat, CEO & Founder, has moved forward with the expansion of i-Store, opening the Chatuchak branch as its 8th location on August 14, 2024.In the event, Mr. Pakdee and team took photos together and celebrated the efforts that led to the rapid expansion of i-Store. For 2024, i-Store plans to open 2 additional branches, specifically in Thonglor and Ploenchit-Nana, bringing the total number of branches to 10 by the end of the year. /*! elementor - v3.17.0 - 01-11-2023 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=".svg"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}