#chase reed

Meet 3 Young Entreprneurs Who Put Wall Street to Shame

Summer plans for teens normally involve spending days at amusement parks, binging on video games or the occasional part-time job to earn a little cash. But normal isn’t an option for three teens this summer. These teens have business to handle. Real business.

Having the creativity and a determination that stretches beyond lemonade-stand ideas, these teens are creating their own…

THIS KID LET'S YOU TURN YOUR JORDANS INTO CASH MONEY

What we have long suspected is true indeed: sneakers have become a type of currency.

They certainly have great value to many.

16-year-old Chase Reed has started the first-ever high-end and dead-stock pawn shop for sneakers with his venture SNEAKER PAWN.

Starting and running the store with his dad Troy, Chase sold off his own collection of around 200 pairs to raise the $30,000 needed to start the one-of-a-kind venture. He was able to get a commercial space at Lenox Avenue and West 120th Street, right in the heart of Harlem.

How does it work? Reed and his team first appraise a prospective pair of shoes and offer the customer a certain amount for them. When it comes time to repay the loan, the pawner returns the original amount plus some extra for storing the sneakers at Sneaker Pawn.

If someone else makes another offer on the sneakers and they end up selling for more, the pawner splits the proceeds 80/20 with Sneaker Pawn.