17 year old opens world’s first sneaker pawnshop

Global Business

The world’s first sneaker pawnshop in New York City specializes in reselling Air Jordans and other highly sought after sneakers. CCTV America’s Karina Huber filed this report from New York.

17 year old opens world\'s first sneaker pawnshop

17 year old opens world\'s first sneaker pawnshop

The world's first sneaker pawnshop in New York City specializes in reselling Air Jordans and other highly sought after sneakers.CCTV America's Karina Huber filed this report from New York.

Highlights:

  • Seventeen-year-old Chase Reed is the owner of Sneaker Pawn USA in Harlem that specializes in rare basketball shoes. The store is less than a year old but according to the owner is already profitable.
  • According to Janney Capital Markets, U.S. basketball footwear sales reached $4.2 billion in 2014. Sales are projected to grow to $4.7 billion this year.
  • The holy grail of sneakers is a replica of a pair worn in the film Back to the Future II called the Nike Mag. Only 1,500 of them were launched at auction in 2011.
  • Chase has two pairs of Nike Mag that he is selling for $10,000 a pair.