This story is absolutely amazing! This 16 year old from New York decided to embark on a great idea. Chase “Sneakers” Reed, a 10th grader, decided to open a business where kids pawn their expensive sneakers (gym shoes are what we call them back in Detroit) for money. Kids have pawned their shoes for things all the way from prom clothes to funeral costs. One of his customers even pawned LeBron Crown Jewels and two pairs of Jordans to pay for his move from the Bronx to Brooklyn. Read more on this story below.
The kid is making money too! His priciest show in the store are those Crown Jewels pricing at $1,400, more than five times the $270 sticker price. (Clutches pearls!) He and his father Troy Reed are running the business. “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,” Troy said.
Chase got the idea after he attempted to borrow 50 bucks from his dad. His dad then said he would hold onto a pair of his shoes until the debt was paid back. To get started he received $30,000 in seed money for Sneaker Pawn came from Chase selling off his own collection of 200 pairs of shoes. Chase has 3 pairs of Capers and has been offered close to $17,000 for the trio, which is a better profit margin than Apple stock.
Chase also custom-paints sneakers which he makes between $150 and $250 for each custom paint job.
Take a look at his inventory below.
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