NEW YORK—A 16-year-old sneaker-loving teen is using the footwear to get a different kind of kick—he’s opened a pawnshop that uses high-end athletic shoes as collateral.
Chase Reed and his father, Troy Reed, opened Sneaker Pawn on Lenox Avenue in Harlem looking to capitalize on America’s multibillion-dollar athletic footwear market and the high prices sneakers can get being resold.
The idea started close to home, when Chase would ask his father to borrow money after Reed had spent a few hundred dollars on sneakers for his son. Reed would hold onto a pair of his son’s shoes until he had gotten his money back.
"My father told me, certain things you have to sacrifice."
