The high street banks have long been dominant in the provision of safety deposit box facilities outside London, with only a few provincial service providers existing in the major conurbations. Within London there were multiple independents competing for business with the banks including Harrods and Selfridges.
But the announcement by retail banks that they were withdrawing from the market resulted in new suppliers offering service, not least of which was a new retailer who rapidly expanded in London and the Home Counties - Metro Bank.
Initially market entrants had expanded into the market to fill a void left by the high street bank, but the market demand was also growing. Even long established providers, established in the Victorian era, sought fit to open a second branch.
And seeing this the retail banks decided to be more selective in their safety deposit box closures, and a full facilities withdrawal has not taken place.
The client has received a full report on the market, with pricing, sizing, consumer utilisation preference and competitor reviews.