Now Open: U-Haul of Germantown Serving Customers at Former K-Mart Site

Rhea-AI Summary

U-Haul has acquired a former K-Mart building in Germantown, Memphis, converting it into a new U-Haul Moving & Storage of Germantown facility. The 13.7-acre site, bought on May 1, now offers nearly 1,000 self-storage units. U-Haul plans to add 200 more units and provide additional services, including truck rentals, moving supplies, hitch installation, and propane exchange.

The facility is the ninth U-Haul store in Memphis and will operate seven days a week with varying hours. U-Haul aims to hire up to 15 local employees, prioritizing veterans. The acquisition aligns with U-Haul's Corporate Sustainability initiatives, emphasizing adaptive reuse of buildings and promoting green programs like the Take A Box, Leave A Box initiative and a storage re-use center.

Positive

• Acquisition of a 13.7-acre site enhances U-Haul's presence in Memphis.
• Nearly 1,000 self-storage units available, with plans to add 200 more.
• Additional services include truck rentals, moving supplies, hitch installation, and propane exchange.
• Store operational seven days a week, offering flexible hours for customers.
• Plans to hire up to 15 local employees, promoting job growth in the community.
• Veterans given preference in the hiring process, supporting veteran employment.
• Corporate Sustainability initiatives emphasize adaptive reuse of buildings, reducing carbon footprint.
• Green programs like Take A Box, Leave A Box and storage re-use center help reduce waste.

Negative

• Initial site transformation by Karam Self Storage never opened to the public, indicating possible previous challenges.
• Potential increased operational costs associated with adding 200 more storage units and additional services.
• Risk of market saturation with nine U-Haul stores within Memphis city limits.

Insights

Financial Analyst

U-Haul's acquisition of the former K-Mart site and its transformation into a self-storage facility is a strategic move with significant financial implications. By repurposing existing structures, the company reduces capital expenditure compared to building new facilities from scratch. This aligns with U-Haul’s corporate sustainability initiatives, which can also enhance its brand equity and attract environmentally conscious customers.

Furthermore, the addition of nearly 1,000 self-storage units in a prime location near State Route 385 indicates a potential increase in revenue streams. The expansion to include services like moving trucks, trailers and hitch installation diversifies its offerings, potentially increasing customer footfall and average transaction value per customer.

From a financial perspective, this move is expected to positively impact U-Haul's top line in the short term through increased revenues and in the long term through enhanced brand loyalty and customer retention driven by its sustainability initiatives.

Retail investors should see this as a positive development as it shows U-Haul’s commitment to growth and sustainability while also being financially prudent by leveraging existing assets.

Market Research Analyst

The self-storage market has been experiencing steady growth, driven by urbanization and the need for flexible storage solutions. U-Haul's entry into Germantown builds on this trend, positioning the company well in a market with high demand. The location near a major highway (State Route 385) further enhances accessibility, likely increasing occupancy rates.

The company's green initiatives, like the Take A Box, Leave A Box program and the storage Re-Use center, differentiate U-Haul in a competitive market. These programs not only align with sustainability trends but also foster community engagement, potentially leading to higher customer loyalty and word-of-mouth referrals.

For retail investors, this move indicates U-Haul’s proactive strategy in expanding its market presence while addressing contemporary consumer preferences for eco-friendly practices.

This development appears positive given the current market dynamics and U-Haul's alignment with consumer trends.

The repurposed facility will offer nearly 1,000 self-storage units near State Route 385

MEMPHIS, Tenn., May 21, 2024 /PRNewswire/ -- U-Haul^® announced its acquisition of the former K-Mart^® building at 7060 Winchester Road just south of State Route 385, where it is currently serving customers with moving, storage and retail solutions.

The 13.7-acre lot, now home to U-Haul Moving & Storage of Germantown, was purchased on May 1. It is the ninth U-Haul-owned and -operated store within the Memphis city limits.

The property was originally purchased and transformed into a self-storage facility by Karam Self Storage^®, but it was never opened to the public. U-Haul acquired it with 737 existing self-storage units and plans to add another 200 or more rooms in the coming months.

In addition to indoor climate-controlled self-storage with individual alarm systems, customers now have access to moving trucks, trailers, towing equipment, boxes and moving supplies. Professional hitch installation and propane exchange will soon be available to ensure U-Haul of Germantown is a full-service store.

Operating hours are 7 a.m.–7 p.m. Monday-Thursday and Saturday; 7 a.m.–8 p.m. Friday; and 9 a.m.–5 p.m. Sunday. Make reservations on the U-Haul app or call the store at (901) 254-8516.

"This location is wonderful for our customers. It's conveniently located off State Route 385 where we can serve so many families," stated Liz Simpson, U-Haul Company of Memphis president. "We look forward to being part of Germantown's economy and supporting our neighboring businesses by completing the restoration of this building, turning it into something functional that meets the community's needs."

U-Haul plans to hire up to 15 Team Members to staff the store. U-Haul will look to hire locally to promote job growth in the Memphis and Germantown communities. U-Haul, honored as a Best for Vets leading veteran-friendly employer by The Military Times, actively recruits veterans and gives them preference in the hiring process. Find U-Haul careers at uhauljobs.com.

Acquisition of the former K-Mart building was driven by U-Haul Corporate Sustainability initiatives: U-Haul supports infill developments to help local communities lower their carbon footprint. The adaptive reuse of existing buildings reduces the amount of energy and resources required for new-building materials and helps cities reduce their unwanted inventory of unused buildings.

U-Haul of Germantown will offer green initiatives like the Take A Box, Leave A Box program and a storage Re-Use center for community gifting of gently used household goods and materials, furniture, sports equipment, bikes and more, which results in helping neighbors and reducing waste.

About U-HAUL 

Founded in 1945, U-Haul is the No. 1 choice of do-it-yourself movers with more than 23,000 rental locations across all 50 states and 10 Canadian provinces. The enhanced U-Haul app makes it easier for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and self-return options on their smartphones through our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America with 967,000 rentable units and 83.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. Get the U-Haul app from the App Store or Google Play. 

Contact: 

Yasmine Esparza
Jeff Lockridge
E-mail: publicrelations@uhaul.com
Phone: 602-263-6194
Website: uhaul.com 

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SOURCE U-Haul

FAQ

What is the new U-Haul facility in Germantown?

U-Haul has converted a former K-Mart building into a new Moving & Storage facility on a 13.7-acre site in Germantown, Memphis.

How many self-storage units does U-Haul of Germantown offer?

The facility offers nearly 1,000 self-storage units, with plans to add 200 more.

What services does U-Haul of Germantown provide?

Services include truck rentals, trailers, towing equipment, moving supplies, hitch installation, and propane exchange.

What are the operating hours for U-Haul of Germantown?

The facility operates seven days a week with varying hours: Monday-Thursday and Saturday 7 a.m.–7 p.m., Friday 7 a.m.–8 p.m., and Sunday 9 a.m.–5 p.m.

How many employees will U-Haul of Germantown hire?

U-Haul plans to hire up to 15 employees locally.

What sustainability initiatives are implemented at U-Haul of Germantown?

Initiatives include adaptive reuse of the building, the Take A Box, Leave A Box program, and a storage re-use center to reduce waste.

How does the new U-Haul facility support veterans?

U-Haul actively recruits veterans and gives them preference in the hiring process.

When did U-Haul acquire the Germantown site?

U-Haul purchased the site on May 1.