> I was reading somewhere that Safestore is splitting some of its larger stores in the UK and France into smaller units to focus more on non business customers

My understanding is that they tend to calibrate each store over a few years to suit the kind of customers that it's mostly getting. Perhaps it's not a structural shift, maybe more of a reflection where they are operating in France for example. Honestly though I don't know.

> While they are splitting these stores, they are often directing customers to newer stores and that is also impacting their earnings (as the newer stores tend to charge lower rates while it builds up occupancy?)

I haven't heard of that, but I mean if you have a building that's super full I imagine you might do a deal for the customer to use another nearby building that is filling up?

I would expect this problem solves itself on the app where customers are looking for pricing at local stores.

I don't think these things are too important for understanding the share vs other measures like LTV, leasehold vs freehold etc, forex.

Safestore's model, as I understand, prioritises getting people through the door - less 'hot' locations so they can keep the price lower, discounts for the first 1-2 months etc.

TRS