New York, NY – A Sneakerhead: the collective term used for someone who collects, trades or admires sneakers as their hobby. Within the world of collectible sneakers, there is a rare element that makes them so appealing to so many. Sneakers such as Air Jordans, Air Force Ones, Nike Foamposites, Nike Air Max, or the new Nike Air Yeezy garner international attention. Any sneaker fanatic understands the struggle with waking up before the crack of dawn, waiting in long lines, and sometimes the bitter disappointment of the next hot sneaker being sold out before you reach the store’s front door.
However, what if another opportunity comes up again in a few days, weeks, or maybe even months later to buy that same sneaker again; would you take it? That very idea is the sticking point for Chase Reed and his new business Sneaker Pawn. The hype and exclusive opportunity to get that new sneaker will never pass.
Chase Reed, a 17 year-old high school junior from Harlem, started his very own sneaker pawn shop. The business was born when Chase asked his father to borrow some money to buy the next new release. However, his father insisted that he would hold on to the new sneakers until his son paid him back in full. From that moment on, the idea was planted and the business grew. Chase looked into selling a portion of his own collection to open up his own store.
The idea of others wanting to pawn their sneakers for extra spending money worked. 45 mint condition sneakers and $30,000 later, Sneaker Pawn was born. The first day of business a local man stopped by and pawned 68 pairs of sneakers. When asked about the growth of his business, Chase stated “A lot of people liked the idea and now we can do everything. We find, buy and sell used sneakers. We even can customize and refurbish.”
A sneaker pawn shops works in a similar fashion to a regular pawn shop. A potential customer can come into the store with either a new or mint condition sneaker and a price is negotiated. After a price is determined, the customer pays a storage fee for 30 days. After 30 days, they are able to purchase an additional 30 days. However, if they do not return, the shoe is now owned by the store.
It takes remarkable maturity for a high school junior to manage going to school on a daily basis as well as running his own business. Chase acknowledges the struggle of balancing work and school, but understands the importance of completing school and moving on to college. When discussing his academic future he mentioned, “I want to go to college in a state where I have my own store. Whether it’s Los Angeles, New York, or somewhere in Florida. I’d like to study business management and design. The great thing about being an entrepreneur is that is that I can go into different fields and work at making my business awesome.”
Chase has his goals set on other future plans for the business as well. He is currently in the process of creating a store out in Los Angeles, California. At the moment he is trying to raise money through a Kickstarter campaign. “We need an investor, but we would rather have the community invest in my dreams.”
If you wish to support Chase and his Kickstarter campaign visit: https://www.kickstarter.com/projects/1186097524/sneaker-pawn
Follow them on Twitter: @SneakerPawnUSA