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 in Harlem looking to capitalize on America's multi-billion dollar athletic footwear market and the high prices sneakers can get being re-sold.
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The idea started close to home, when Chase would ask his father for 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.
Basketball sneakers can re-sell for hundreds of dollars, depending on the model, the size of the production run, and how easy it is to find a pair in good condition.