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Authors:
Published by:
Institute for Management Development (IMD) (2018)
Version:
15.10.2018
Revision date:
13-Nov-2018
Length:
15 pages
Data source:
Field research

Abstract

The case offers a unique perspective into franchising as a business model for growth and a reduced-risk entry path to entrepreneurship, with an application in the Singapore self-storage market. In 2011, Jes Johansen, a Swedish national, sensed an opportunity to innovate self-storage in Singapore: smaller facilities, with smaller rooms, located closer to the customer and at a higher price per m2, resulting in a smaller rental bill but much higher convenience. He had seen the concept implemented in Hong Kong by a colleague, Kevin Chang, under the StoreFriendly brand name. Jes decided this might be the opportunity he had been looking for. After convincing Kevin to become his partner, Jes set up StoreFriendly Singapore. After testing and implementing the concept in a single first outlet, proving the value proposition and getting a bit of traction, he decided to accelerate growth through an original franchise system. Over two years StoreFriendly grew to ten franchises and two owner-operated branches. In 2015, SingPost, as part of a broad logistics diversification, approached him to acquire StoreFriendly. With a catch: they wanted to own all the outlets directly...

Topics

Finance; Operation; Entrepreneurship; Franchising; Business model; Emerging market; Entrepreneurial leadership; Supply chain management; Incentive; Growth management; Exit; Engineering
Locations:
Industry:
Size:
12 self storage buildings
Other setting(s):
2012-2018

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