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When you normally think of pawn shops, you probably associate them with high end items like jewelry and electronics. One New York teen, however, observed that many young people don’t buy those items anymore. Among them, the currency is high end sneakers, so the New York business minded teen decided to turn sneaker fandom into a business.
So called sneakerheads, those who relish in fresh and high end sneakers, are becoming the majority among young adults and teens, so 16 year old Chase “Sneakers” Reed opened the first ever sneaker pawn shop. Reed opened the pawn shop using his own 45 pairs of basketball shoes.
“Young kids don’t have jewelry. They don’t have cars,” Troy Reed, dad of young entrepreneur Chase, told the New York Post. “But what they do have is the thousands of dollars worth of sneakers in their house.”
High school student Chase is one of those kids. He waits in line for the freshest sneakers and monitors what shoes are coming out next. Now he’s turning his knowledge of the sneakers into a business.
Teens have their own reasons for pawning the shoes. One wanted to pay for his brother’s funeral while another pawned sneakers to pay for a move across town.
Even though tapping into the market for sneakers is good business, Chase says it’s more than a business to him.
“I don’t look at it like a business. It’s what I do. It’s what I breathe,” said Chase. “It’s an idea that’s right in front of your face. It’s just about bringing the idea to life.”
While Chase is in school, his father and friend Rahsaan “Uncle Bless” Capers work at the pawn shop. Capers said this is big business and he knows first hand since he has been offered $17,000 for his three pairs of Yeezys.