The association of VARs with short term energy storage (within each cycle of the voltage waveform) is ONLY applicable when the less than unity power factor is associated with a reactive component to the load. It applies only to the case of a (phase) displacement power factor.
The more general case of a power factor less than unity comes from its definition of Watts/(IRMSxVRMS).
You can have a low distortion power factor any time that the voltage waveform (shape) does not match the current waveform, regardless of the phase relationship. If you allow both the voltage and the current to be non-sinusoidal you can have a very simple example of a zero power factor if you consider a current waveform which is zero for the first half cycle while the voltage is a constant high level, then during the second half cycle the current is constant while the voltage is zero. At all times the product of voltage and current is zero, but the individual RMS values are not zero. (You might be hard pressed to come up with a physical load circuit that behaves that way, but this is just a thought experiment.
A more common situation is that the voltage is sinusoidal, but the current waveform is phase chopped, as in a solid state dimmer control. The fact that there are times when there is voltage but no current produces a low power factor.
In neither of these examples is there any energy storage.