Sneaker Pawn in Harlem - Los Angeles News | FOX 11 LA KTTV

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>>

  • NYC subway report card

    NYC subway report card

    Wednesday, July 30 2014 5:09 PM EDT2014-07-30 21:09:16 GMT
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
    "A mixed bag": That's how the Straphangers Campaign characterizes New York City subways; some good parts and some bad. For example, the C train breaks down most often, not surprising since the line has 50-year-old cars. But C trains were also the cleanest in the transit system.Straphangers said the worst subway trains were the IRT's No. 2.
  • Plane evacuated after landing at LaGuardia

    Plane evacuated after landing at LaGuardia

    Wednesday, July 30 2014 4:44 PM EDT2014-07-30 20:44:01 GMT
    A small jetliner made an emergency landing at LaGuardia Airport Wednesday afternoon shortly after taking off, authorities said. American Eagle Flight 3340, carrying 44 passengers and three crew members, departed LaGuardia heading for Knoxville, Tenn., when it had to turn around because of a maintenance issue, the Port Authority said.
    A small jetliner made an emergency landing at LaGuardia Airport Wednesday afternoon shortly after taking off, authorities said. American Eagle Flight 3340, carrying 44 passengers and three crew members, departed LaGuardia heading for Knoxville, Tenn., when it had to turn around because of a maintenance issue, the Port Authority said.
  • Newark police officer shot

    Newark police officer shot

    Wednesday, July 30 2014 4:33 PM EDT2014-07-30 20:33:01 GMT
    A Newark police officer was shot in the leg while on duty Wednesday afternoon. The officer, an 18-year veteran of the force assigned to the 5th Precinct, suffered a gunshot wound in his lower leg, according to the head of the police union. He was brought to University Hospital in Newark and appears to be in "relatively good shape," according to James Stewart Jr., the union head.
    A Newark police officer was shot in the leg while on duty Wednesday afternoon. The officer, an 18-year veteran of the force assigned to the 5th Precinct, suffered a gunshot wound in his lower leg, according to the head of the police union. He was brought to University Hospital in Newark and appears to be in "relatively good shape," according to James Stewart Jr., the union head.
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices