NYC Teen Opens World’s First Sneaker Pawn Shop
While a lot of us are worrying about college tuition, or already paying off student loans, 16-year-old Chase Reed is just scratching the surface of an entrepreneurial sneaker empire. The Harlem native launched Sneaker Pawn — it’s reported to be the world’s first sneaker shop — with his dad, Troy, after selling his kick collection of around 200 pairs to raise the $30,000 start-up cash.
Here’s how the original New York Post article describes the business model:
“If a prospective pawner’s kicks qualify, they give the shoes a whiff, check to see if they’re yellowing and examine the soles for excessive wear.
‘After we evaluate it, we’ll give the kid, say, $100 for the sneakers. If he wants them back, he’ll pay the $100, plus $20 for storing the sneakers,’ Troy said.
If someone makes an offer, the pawner is notified and has the right of first refusal, provided they can pony up the cash. If the sneakers sell for more, the pawner keeps 80 percent of the profit and the rest goes to the store.”
Could this be the smartest, and coolest, business idea of all time? Check out the full article by clicking here, and let us know what you think.
Image: New York Post