A Teen Entrepreneur Launched the First Sneaker Pawn Shop for High-End Shoes
Alyson Wyers — June 19, 2014 — Fashion
An enterprising Harlem teenager is opening the world's first sneaker pawn shop for $15,000 high tops. Chase 'Sneakers' Reed is a 16 year old New Yorker who has stumbled across a potentially million dollar idea.
While some people might consider running shoes to be on the casual end of footwear, to others they are a collectors item sometimes worth thousands of dollars. Reed began the sneaker pawn shop with his own collection, which is now gaining momentum with other shoe-loving teens. The store deals with high-end merchandise as well as styles that are no longer being made (also known as dead stock). To be accepted, shoes have to pass a sniff test and can't have any visible signs of wear.
While some people might consider running shoes to be on the casual end of footwear, to others they are a collectors item sometimes worth thousands of dollars. Reed began the sneaker pawn shop with his own collection, which is now gaining momentum with other shoe-loving teens. The store deals with high-end merchandise as well as styles that are no longer being made (also known as dead stock). To be accepted, shoes have to pass a sniff test and can't have any visible signs of wear.
Trend Themes
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Sneaker Pawn Shops — Opportunity to start a business that caters to the sneakerhead culture by offering pawn services for rare and expensive shoes.
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Dead Stock Sneaker Market — Opportunity to invest in reselling dead stock sneakers, which are no longer manufactured and therefore retain high value for collectors.
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Youth Entrepreneurship — Opportunity to nurture youth entrepreneurship by providing mentorship programs and funding, which in turn can lead to innovative business ideas.
Industry Implications
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Pawnbroking — Disruptive innovation opportunity to expand pawnbroking services to include high-end sneaker collateral and attract new customers from sneakerhead culture.
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Footwear — Opportunity for footwear companies to cater to the sneakerhead culture by producing limited edition, high-end sneakers that can retain value and increase brand loyalty.
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Financial Services for Youth — Opportunity to develop specialized financial services for youth entrepreneurs, such as micro-lending, crowdfunding, and financial literacy programs.
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