The self-storage industry. Hyper fragmented. 10% of the industry is owned by the industry giants (like Public Storage, which is a $39 billion publicly traded R

The self-storage industry. Hyper fragmented. 10% of the industry is owned by the industry giants (like Public Storage, which is a $39 billion publicly traded REIT), leaving 90% fragmented to small owners / independent businesses. Very low productivity growth, very low innovation, poor management software options in the segment. Someone could make a billion dollars just through consolidation of a tiny fraction of that mess, backed with better software and process. Public Storage only has 5,600 employees and via their REIT structure spits off $1.4 billion in operating income every year. The entire industry's value, going by what Public Storage is able to manage, is probably $1.2 to $1.5 trillion. And it's not going anywhere in the coming ~30 years, people are not going to suddenly stop storing their junk. It'll take an operator a lifetime to roll-up, consolidate even 1%-3% of the industry.