Sneaker Pawn in Harlem - My9 New Jersey

Sneaker Pawn in Harlem

Posted: Updated:
NEW YORK (MYFOXNY) - A father and son team have opened a business in Harlem called Sneaker Pawn.

Troy Reed got the idea when he would take his son Chase's sneakers for collateral when he would borrow money.

Customers can pawn, sell, or buy from the store.

With seed money collected from selling tens of thousands of dollars in family owned shoes, they set up shop in May.

They are already welcoming a steady flow of customers, all with different needs. Some pawn to pay for funerals, for bail, or school books.

For those unfamiliar with the sneaker world, shoe companies release a new shoe in limited quantities for a somewhat reasonable price. The resale value of that sneaker then grows exponentially.

Here, "used" or "second-hand" often means they left a store and spent the next several years in a box in a closet.

"Hands down, this is a business model that's going to work because there's kids with millions and millions of sneakers," Troy Reed says.

So far, Sneaker Pawn's still waiting to turn a profit and looking for investors to help it grow but Reed says he knew he'd found a successful idea from the first customer he saw on the first day Sneaker Pawn opened.

"A guy brought us 60 pairs of sneakers. He actually just killed the bank that day," Reed says.

  • Local NewsLocal NewsMore>>

  • Time Warner Cable service restored

    Time Warner Cable service restored

    Wednesday, August 27 2014 8:53 AM EDT2014-08-27 12:53:05 GMT
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. The problem occurred during routine maintenance of its Internet backbone, the paths that local or regional networks connect to in order to carry data long distances, reported the Associated Press. Service was largely restored by 6 a.m., and updates continued to bring customers back online.
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. The problem occurred during routine maintenance of its Internet backbone, the paths that local or regional networks connect to in order to carry data long distances, reported the Associated Press. Service was largely restored by 6 a.m., and updates continued to bring customers back online.
  • NJ store clerk accused of kissing customer

    NJ store clerk accused of kissing customer

    Wednesday, August 27 2014 8:41 AM EDT2014-08-27 12:41:29 GMT
    Police say a convenience store clerk in New Jersey hugged and kissed her against her will.
    Police say a convenience store clerk in New Jersey hugged and kissed her against her will.
  • Woman bitten by rabid raccoon she thought was cat

    Woman bitten by rabid raccoon she thought was cat

    Wednesday, August 27 2014 8:04 AM EDT2014-08-27 12:04:56 GMT
    An 88-year-old Hamden woman was hospitalized after being attacked by a raccoon she mistook for her cat. Police say the woman, whose name has not been released, heard a sound at her sliding glass door Sunday and opened it to let her cat inside. Police say it appears the raccoon followed the feline into the home.
    An 88-year-old Hamden woman was hospitalized after being attacked by a raccoon she mistook for her cat. Police say the woman, whose name has not been released, heard a sound at her sliding glass door Sunday and opened it to let her cat inside. Police say it appears the raccoon followed the feline into the home.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices