Sneaker Pawn Opens Its Doors
A 16-year-old hustling sneakers online or at an event is nothing new. You can go to any sneaker event, on any given weekend, and witness the struggle in person as countless kids with armfuls of boxes attempt to fund their purchases for the following weekend.
But Troy Reed has taken that to a whole different level, by opening the world's first sneaker pawn shop with $30,000 in seed money after selling off most of his own collection.
According to the NY Post article, the process works like this:
“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.
If you're wondering who watches the shop (located at Lenox Avenue and West 120th Street) while Reed is in school - he's only in 10th grade - his father and a friend help out.