CEOs Under 30: 10th Grader, Chase Reed, Opens First Known Sneaker Pawn Shop

What a great way to turn your love for sneakers into a full-fledged business!

As reported by the NY Post, 10th grade student Chase “Sneakers” Reed took his 200 pairs of sneakers to open up the first sneaker pawn shop.  Along with his father, the 16-year old thought of a great idea for kids (and adults) to get quick cash in exchange for their most precious sneakers.

The sneaker business is big business. High-end and/or rare pairs can cost anywhere from $250 way up to several thousand dollars. So, if a person is in dire need of cash, instead of auctioning their shoes on eBay, now they have the opportunity to shorten the process by hawking them off at Sneaker Pawn.  Thus far, Reed’s pawn shop has had a host of customers with various money needs.

They have all sorts of reasons for selling short. One pawned fancy footwear to pay for his brother’s funeral. Two teen girls liquidated their sneakers to pay for prom dresses. Another savvy ­investor flipped a pair of LeBron Crown Jewels and two pairs of Jordans and used the thousands in profit to pay for his move to The Bronx from Brooklyn.

Reed is aware that most kids don’t own cars or homes, but do own thousands of dollars worth of sneakers.  Luckily for him, the Fredrick Douglass Academy student created a great way to get a return on his investments.

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