Channeling Chumlee, father-son duo Troy Reed and Chase “Sneakers” Reed are changing up the sneaker shop scene. Bypassing boutiques and consignment ventures, the Reed family has opened up the first New York sneaker pawn shop. The Harlem shop resides on Lenox Avenue and West 120th Street, and is run by father Troy and Rahsaan “Uncle Bless” Capers while 16-year-old son Chase is in school.
The idea was birthed when Chase asked his dad for $50 to help pick up a pair of new releases. Rather then let him keep the kicks after picking them up with the loan, Troy held the shoes as collateral until Chase paid him back the $50. Inspired by the exchange, Chase then sold off a portion of his collection, earning $30,000 to open up the shop.
How does it work, you ask? Prospective sneaker sellers bring their shoes to the shop and have them evaluated by the staff. “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 Reed told the New York Post. Assuming they’re a hot sneaker and the pawner doesn’t ask for them back, offers will be made. Once an offer is made, the pawner is notified and has the right to first refusal if they can match the cash. If the shoes sell for more, the pawner gets 80% of the profit with the remaining 20% going to the store.
Chase, who also customizes kicks for sale in his free time, views the venture as an extension of his passion. “I don’t look at it like a business. It’s what I do. It’s what I breathe,” said Chase. “It’s an idea that’s right in front of your face. It’s just about bringing the idea to life.”
With “Crown Jewel” Nike LeBron Xs and “Doernbecher” Air Jordan 2s among the heavy hitters hosted at the shop, prospective pawners and buyers can hit up the shop now. Hit us up in the comment section to let us know your take on this business platform, similar to that of Sole Pawn in Florida, that is stimulating the sneaker scene.
