16 year old Harlemite, Chase “Sneakers” Reed has found a way to cash in on his and many other individuals’ infatuation with sneakers. In recent years, New Yorkers have begun trading jewelry and other typical high priced symbols of wealth and status in exchange for pricey kicks as their statement pieces.
Noticing this increasingly popular trend, Reed cashed out his extensive sneaker collection of 200 and used the $30,000 he made (on average, each pair was worth about $150…I’d like to know how he even HAD 200) as the initial seed money to open up the WORLD’s first sneaker pawn shop. Cash strapped individuals can come in and sell their sneakers, which are rigorously reviewed to establish their worth. These people usually receive around $100 per pair and have the option to purchase them back for a $20 storage fee on top of the money they receive.
although one of Reed’s most valuable items recently went for upwards of $1,400.
Customers come in looking for rare or dead stock items and are willing to shell out the big bucks to be the only one in their neighborhood with a highly coveted set of footwear. One of Reed’s most valuable items, the Lebron “Crown Jewels” recently went for upwards of $1,400. Sneakers such as the Air Yeezys, which are nearly impossible to now find, originally sold for about $260, but a recent influx in demand allows sellers of these to command as much as $15,000.
Chase, a tenth grader at Harlem’s Frederick Douglass Academy, is clearly onto something as is evident in his store’s sales and profits. If you’re in the NYC area be sure to check out his place on 120th Street and Lenox Avenue. Great way to revolutionize an old industry and help people find a way to make a few quick bucks.