Teen Opens World’s First $15,000 Sneaker Pawn Shop

| June 17, 2014 | 0 Comments

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16-year-old Chase “Sneakers” Redd used his inventory of 45 mint-condition sneakers to kick off the world’s very first sneaker pawn shop. This sophomore at Frederick Douglas Academy in Harlem got his business off the ground for Sneaker Pawn, located at Lenox Avenue and West 120th Street, by selling his own collection, originally peaking at 200 pairs. Redd received $30,000 and the money went directly towards the shop. Aside from running the shop and doing homework like a typical 10th grader, Chase did custom paint jobs for sneakers and his earnings range from $150 to $250 per paint job.

“Young kids don’t have jewelry. They don’t have cars,” said Troy Reed, dad of young entrepreneur Chase “Sneakers” Reed, to the New York Post. “But what they do have is the thousands of dollars worth of sneakers in their house.”

Business has been plenty successful at Sneaker Pawn, located in the heart of Harlem. One customer pawned  a pair of sneakers and the money went towards his brother’s funeral. Another two girls pawned sneakers in exchange for money towards prom dresses and one man pawned a pair of Lebron Crown Jewels and two pairs of Jordans to help give him a financial lift towards his move from the Bronx to Brooklyn. The store typically has a stock of “highend sneakers or dead-stock sneakers”, referring to those sneakers that are unavailable for purchase in stores. When a potential pawner proposes a shoe, Redd and his [literal] family of staff smell the shoe and check for signs of yellowing and examine the soles for excessive wear or overtiring.

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If the sneakers are pawned, the pawner will receive amount of dollars, but if they want them back, they have to pay back the amount they received in addition to a $20 storing fee. The customer is, then, notified if someone wants to take their sneakers off the market and has, too, the right to refuse or ability to raise the price; if the sneakers sell for more than intended, the customer keeps 80% of the profits, while the remaining 20% proceeds to the store.

Ordinarily, Kanye West’s signature sneakers, Nike Air Yeezys range from $1,700 to $15,000 on eBay, though originally for $263. Kanye’s personal pair go for around $50,000. Chase, himself, owns three pairs of Yeezys and was once offered nearly $17,000 for all three pairs, which is according to the New York Post, “better profit margin than Apple stock”.

Long Awaited Kanye West Nike Sneaker Reselling For Thousands Of Dollars

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Category: Hip Hop Fashion

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