By Rosa Prince/The Telegraph
Youngsters can pawn their valuable trainers to raise cash – if they pass smell test
A New York teenager has created the world’s first "sneaker pawnshop" where streetwise youngsters can hock their valuable trainers to raise cash.
Specialising in high-end designer models and “dead stock,” limited edition trainers no longer being made which can sell for many thousands of dollars, the store is the brainchild of Chase Reed, a 16-year-old from Harlem.
All shoes brought into Sneaker Pawn must pass a smell test before their owners receive a lump sum in cash.
They can redeem them later or allow them to be sold. Owners have first refusal on any sale and receive 80 per cent of any profit.
Customers usually borrow around $100 (£60) per pair of lightly-worn trainers although one was lent thousands of dollars after bringing in a pair of Nike LeBron Crown Jewels and two pairs of Nike Air Jordans. They must repay the loan at a rate of 20 per cent.
Chase came up with the idea for Sneaker Pawn after asking his father, Troy, if he could borrow $50 (£29) only days after being bought a pair of expensive trainers.
Mr Reed told the New York Post: “I was like, ‘Are you serious?’ I’m holding these sneakers until I get my $50 back.”
Chase raised the seed money to open Sneaker Pawn by selling off his own 200-strong collection of trainers.
A 10th grader at the Frederick Douglass Academy in Harlem, he works in the shop after school and at weekends while his father mans the tills during school hours.
As well as passing the sniff test, Chase and his colleagues check that trainers brought in to be pawned have retained their colour and do not have excessive wear on the soles.
Mr Reed said: “Young kids don’t have jewellery. They don’t have cars. But what they do have is the thousands of dollars worth of sneakers in their house.
“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.”
Chase said: “It’s an idea that’s right in front of your face. It’s just about bringing the idea to life.
“I don’t look at it like a business. It’s what I do. It’s what I breathe.”
Among the shop’s customers have been a youngster who pawned his valuable trainers to pay for his brother’s funeral and two teenage girls who wanted cash to buy prom dresses.
The owner of the LeBron Crown Jewels used the cash to move to The Bronx from Brooklyn.
Sneakers have become big business in recent years, with youngsters frequently queuing all night outside shops such as Nike and Reebok to buy the latest releases, and swapping shoes at huge trainer conventions.
There is a lively trade on auction sites such as eBay, where limited-edition trainers can rise in value far above their original retail price, particularly if they have a celebrity endorsement.
Originally bought for $270 (£159), LeBron Crown Jewels, named after basketball star LeBron James of the Miami Heat, are now worth around $1,400 (£825).
Nike Air Yeezys, designed in collaboration with the singer Kanye West, cost $263 (£194) when they were released, and are currently on sale on eBay for between $1,700 (£1,256) and $15,000 (£8,841).
Earlier this year, Jonathan Rodriguez, an 18-year-old from Deer Park, New York, turned down an offer of $98,000 (£57,760) in cash for his Nike Air Yeezy 2 “Red October” sneakers, which had been signed by West onstage during a concert.
One of Sneaker Pawn’s employees, Rahsaan “Uncle Bless” Capers has been offered $17,000 (£12,560) for the three pairs of Yeezys he owns, but says he is not ready to sell.
Just Don and Jordan Brand are back together once again to delivery yet another charitable collaboration to honor the 39th anniversary of Black History Month. Taking to the Air Jordan 1 yet again, this latest variation dons a tonal white palette with a subtle touch of gold adorning the lace tips. With the auction currently live, and set to run until the 28th, anyone interested can head over to eBay right now to join in on the bidding wars.
A limited run of the Just Don x Air Jordan 1 sneakers have been produced, 39 pairs to be exact, and they’re being auctioned on eBay until February 28; proceeds are going toward the Ever Higher Fund. If you want a pair, try your luck here.
