There is a new class of pawn shops that are popping up in larger cities like San Diego that are turning the industry on its head. Forget the dingy spaces full of tools and think upscale, bright, classy showrooms with service that rivals Nordstrom.
Instead of tools, this new breed of stores are dealing in Hermes, Louis Vuitton, and luxury watches like Rolex. On any given day at Posh Pawn, a dozen designer bags will be either bought, sold, or pledged for a loan.
Beyond the online pawn shops, the industry is seeing a change in the level of service and sophistication at the local stores. Just take a look at the pictures below. Do these look like pawn shops?
In New York, Beauty & Essex also serves as a hidden entrance to a happening restaurant/lounge.
Here’s the deal: These new, upscale pawn shops are targeting a middle and upper class demographic. These customers looking to sell their luxury goods are finding they can sell their items at very competitive prices without having to suffer waiting for a consignment store to call them back. With a quick text of some pictures and information they are getting quotes to buy their items the same day for cash.
Now they can walk into a clean, beautiful store and are treated by professional staff who are well versed in all things luxury. In minutes, they walk out with cash. More importantly, they leave feeling great about the experience.
Why are these new stores so successful?
- By providing an upscale environment to sell old jewelry, designer bags or other luxury items sitting around collecting dust. Within a few minutes you can turn these items into cash to buy something you really want.
- They are providing a mix of NEW and pre-owned jewelry at severely discounted prices. Need a gift for that “difficult to buy for someone”? You can never go wrong giving someone gold.
- Even wealthy people can find themselves in a position of a cash shortage. These stores offer quick solutions with a level of service with which they are accustomed.
