New York Teen Opens World’s First Sneaker Pawn Shop*~

While the idea of offering valuables up for an extra bit of cash at the local pawn shop is still pretty common, 16-year-old Chase Reed will the first ever to apply that concept to high-end and dead-stock sneakers with his venture Sneaker Pawn. The shop operates by first assessing a prospective pair of kicks and offering a certain amount for them. When it comes time to repay the loan, the pawner returns the original amount plus some extra for storing the sneakers at shop. If someone else makes another offer on the sneakers and they end up selling for more, the pawner is entitled to 80 percent of the profit while the rest goes back to Sneaker Pawn.