Bluebird

“Working with Rare Strategies allowed me to take a step back from my traditional work trajectory and reevaluate what is important to me. With their help, I was able to re-tool my business by strengthening my core values and focus on the parts of the business that were most profitable.”

– James Bennett, Principal

Strategic review revealed significant storage management opportunity.

Bluebird Self Storage’s executive team has developed self-storage facilities in the U.S. and Canada since 1983. Over the years, the management team has been involved in operating nearly 100 locations across North America. When the number of Bluebird facilities in the Greater Toronto Area exceeded 10, the executive team wanted to create additional revenue streams to capitalize on the momentum of their brand. Bluebird hired Rare Strategies to conduct a strategic review of the business.

Challenges

  • Learn about self-storage industry operations
  • Conduct competitive analysis
  • Identify profitable business segments
  • Build a business case for starting a third-party management company which did not have significant negative cash flow in the first year

Expertise

  • Analyzed empirical operational results from other Bluebird stores
  • Updated underwriting models to improve development deal selection
  • Performed competitive analysis of storage rates and tenant property protection
  • Improved Pricing and Revenue Management for storage units

Results

  • Increased pricing to reflect premium product offering (rate positioning)
  • Launched Third Party Management company
  • Hired key leadership positions in Calgary to establish Bluebird’s presence in Western Canada.
  • Won several third-party management contracts to expand beyond Ontario, into Alberta and Quebec.

New Vision

  • Established goal of becoming Canada’s first coast-to-coast self-storage company operating under a singular brand.
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