Harlem Teen Launches Pawn Shop For High-End Sneakers
16-year-old entrepreneur creates a new market for $15,000 footwear.
Sneakers might seem like nothing more than casual footwear to some people, but for others they are collectors items that can be worth thousands of dollars. Well aware of this fact, one 16-year-old New Yorker, Chase “Sneakers” Reed, decided to set up a pawn shop exclusively for sneakers. Funded with his own collection of shoes worth a significant five-figure sum, the the idea has already caught on with other teens whose preferred investment vehicle is limited-edition footwear.
The shop deals almost exclusively in high-end sneakers, or those that are no longer being manufactured, also known as dead-stock. For shoes to be accepted, they have to pass a sniff-test, and can’t be too yellowed or show signs of excessive wear on the soles. “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 Reed, Chase Reed’s father, told the New York Post.