Storageoh Co., Ltd
2997・Growth Market・Real Estate
Trunk Room Operation & Management
A core business that builds stable revenue through the rental and operation & management of trunk rooms
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (Q1 cumulative, FY2027 (ending January 2027)) | ¥307 million | ¥253 million (Q1 cumulative, FY2026 (ending January 2026)) | ↑ |
| Segment profit/loss (Q1 cumulative, FY2027 (ending January 2027)) | -¥36 million | ¥5 million (Q1 cumulative, FY2026 (ending January 2026)) | ↓ |
| Segment revenue (full-year results, reference) | ¥1,096 million (full year, FY2026 (ending January 2026)) | — | — |
| Segment operating profit (full-year results, reference) | ¥19 million (full year, FY2026 (ending January 2026)) | — | — |
Business Details
A business that earns usage fee income by renting trunk rooms to users. Operated under two formats: Fixed-Rent Trunk Room Operation (the Company owns or leases the property and bears occupancy risk) and Variable-Rent Trunk Room Operation (Management Outsourcing) (the Company leases or receives management outsourcing from real estate owners and receives approximately 10% of usage fees as a management fee). Both container-type and built-in-type formats are deployed, and internet advertising, self-storage-dedicated portal sites, and web payment systems are utilized to attract customers and secure contracts. Operations also include master-lease properties following development and sale, and revenue includes Property Management Outsourcing income.
Recent Overview
Revenue increased on higher occupied units at existing stores, but the segment fell into a loss due to increased fixed costs
In the first quarter of FY2027 (ending January 2027) (February to April 2026), revenue from the Trunk Room Operation & Management business was ¥307 million (up 21.6% year on year), achieving revenue growth. On the other hand, due to an increase in new company-owned container-type trunk room properties, selling, general and administrative expenses such as advertising costs and commission fees increased, resulting in a segment loss of ¥36 million (versus segment profit of ¥5 million in the same quarter of the prior year). During the quarter, 9 new stores were opened: Toritsu Daigaku, Kawasaki Odai, Oita Daizai, Chuo Tafu, Tsushima Kamori, Setagaya Seijo, Nagoya Nanyo, Oita Kaishun, and Usa.
Key Products
Growth Drivers
- Increased usage fee income through expansion of occupied units at existing stores
- Expansion of operational scale through the addition of new company-owned container-type trunk room properties
- Improved efficiency in customer acquisition and contract securing through the use of internet advertising, self-storage-dedicated portal sites, and web payment systems
- Revenue improvement accompanying rising occupancy rates at master-lease properties following development and sale
- Expanding demand for built-in-type (air-conditioned) trunk rooms due to increasing female users and growing needs for storage of clothing and household items
Risks
- Risk of deteriorating profit and loss when occupancy rates decline at fixed-rent properties (break-even occupancy rate is approximately 60-70%)
- Risk that operating profit remains negative for several years after opening at master-lease properties following development and sale
- Risk of profit pressure from increasing fixed costs (depreciation, rent expenses, advertising expenses, commission fees, etc.) accompanying the increase in company-owned properties
- Risk of declining occupancy rates and falling usage fees due to intensifying competition from new entrants and other competitors in the same industry
- Risk of deteriorating profitability of new properties due to soaring construction costs
Last updated: April 22, 2026