16-Year-Old Teen Flips “Pawn Stars” Business Model Into “Sneaker Pawn” Store
Chase Reed, a 16-year-old teen, is as obsessed with athletic sneakers as much as the next sneakerhead at his age.
Sneaker Pawn is the name of that business.
I spoke on the phone today with Chase’s dad, Troy Reed.
Switching between assisting customers and fielding media requests at Sneaker Pawn’s store located in Harlem, NY, it was another bustling day for Troy as he handled the latest surge of media attention (there’s been plenty, to say the least). Particularly, attention that comes with having your son’s unique sneaker business endeavor spun and virally wired out to a global digital audience with a single Associated Press piece.
Some of the noteworthy aspects about the Sneaker Pawn operation covered in AP’s clip include the fact that Troy runs the store during the weekdays while his son Chase, who is also his boss, attends high school.
The inspiration and business concept for Sneaker Pawn, AP recounts, began here:
The idea started close to home, when Chase would ask his father to borrow money after Reed had spent a few hundred dollars on sneakers for his son. Reed would hold onto a pair of his son’s shoes until he had gotten his money back.
“My son said, ‘Dad, you’re actually kind of making me pawn you my sneakers,’” Reed said during a recent interview at the store. “Once he said that, a light bulb went off.”
He told his son, “You don’t have no money, but you got all these sneakers. Imagine how many other kids got all these sneakers and probably need cash.”
The duo decided to renovate the space in Harlem, where they had been living before moving elsewhere, into a retail location. And to pay for it all, Chase sold his own collection, bringing in about $30,000.
“My father told me, certain things you have to sacrifice,” Chase said.
The light bulb sparked by that episode eventually led father and son, after opening in their initial refitted space, to Sneaker Pawn’s current shop stationed on Lenox Avenue in Harlem.
The Sneaker Pawn store, which Troy Reed tells me officially opened in June 2014, offers three different options when it comes to cashing in on your sneaker collection: You can sell your shoes outright, you can offer them on a consignment agreement of which will cost you 20% of the final sale price, or you can pawn your shoes for some upfront funds with a two month timeframe to return back the original agreed upon amount plus a storage fee on your shoes which Sneaker Pawn keeps.
At the end of every transaction, whether or not it is Troy delivering the terms to the person using Sneaker Pawn’s services, it is still the ambitious 16-year-old high school entrepreneur who maintains the final decision on what footwear styles Sneaker Pawn opts to purchase from individual sellers and at what price exactly that his shoe pawn enterprise will sell that item for.
According to Sneaker Pawn’s website (sneakerpawnusa.com), the firm is most interested in new or lightly used Air Jordans, Foamposites, Nike SB Dunks, Air Force Ones, LeBrons and Kobes. The type of highly sought or limited edition shoes that typically have the highest secondary market value.
Resembling the bulk of Sneaker Pawn’s hand selected shoe inventory, Chase Reed also finds himself in rarefied supply and positioning for someone at his age.
Source : Counterkicks