MEET 16-YEAR-OLD Chase Reed who owns the world’s first trainer pawn shop.
He and his dad Troy came up with the idea when Chase asked to borrow $50 spending money on a new pair of trainers.
Shortly after the idea hit.
He invested $30,000 to start Sneaker Pawn after selling off his own collection, which peaked at 200 pairs.
Still in high school, the Harlem entrepreneur works in tandem with his father to buy, trade and sell Air Jordans and other brands at his SneakerPawn store, which opened in June.
How Sneaker Pawn works is a customer brings in a pair of prospect shoes – namely “high-end sneakers or dead-stock sneakers” (pairs that are no longer being manufactured). If a prospective pawner’s kicks qualify Chase offers them a price .
“After we evaluate it, we’ll give the kid, say, $100 for the sneakers. If he wants them back, he’ll pay the $100, plus $20 for storing the sneakers,” said Chase, who was listed in Forbes’ 30 Under 30 Young People Reinventing Retail and E-Commerce.
If someone makes an offer, the pawner is notified and has the right of first refusal, provided they can pay the price. If the sneakers sell for more, the pawner keeps 80 percent of the profit and the rest goes to the store.
“If I get a nice shoe in the store, I’ll end up selling it rather than collecting it,” Chase said. “I’m a businessman now,”