Tech & Biz

Pawn Shops See Higher Activity During Downturn

by Jordan Yerman | February 20, 2009 at 08:33 am

369 views | 4 Recommendations | 5 comments

Pawn shops across the US are seeing a rise in incoming goods, and those goods are higher-end than would normally be expected. Basically, as the recession continues, people have to sell stuff, which leads to higher activity in pawn shops and second-hand stores from both buyers and sellers.

I noticed this online, too: when my brother's 4-year-old computed died, I dismantled it and posted its parts for sale on craigslist, and emails began pouring in. Folks would rather repair their own aging (and some would snarkily say obsolete) machines than shell out for new ones in these uncertain times.

Lou Tansky, owner of Uncle Ben's Pawn Shop in Cleveland, says he recently bought a bridal set from a woman who was going through a divorce. Though her marriage was ending, Tansky says, she was reluctant to give up a symbol of better times.

The woman didn't fit the mold of his typical customers, he says. She was well-dressed and seemed well-to-do.

"We are seeing much more of that, and we are seeing it from a part of the population that would not be part of our regular clientele," Tansky says. "Now they find themselves in a position that they're not used to. It's a very emotional thing for people to have to deal with."

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Geneva B

at 09:06 on February 20th, 2009

Good! We don't always necessarily need "new" stuff from virgin resources. I'm actually kind of glad to see what appears to be a move back toward a less disposable society.

James Lupori (not verified)

at 10:49 on February 20th, 2009

Great Subject - For anyone interested in a pawn shop chain that has been very successful in changing both the image and function of this industry, read more on my blog www.kenmoreundressed.com. Here's a link for the article:

http://kenmore2.neighborhoodsundressed.com/2009/02/06/pawn-x-change-transforming-the-pawn-shop-image/

We are certainly living in interesting times.

Voyager One

at 11:26 on February 20th, 2009

Taken in April '08, the focus of this photo was the My City Screams poster above... but matched with the Pawn Shop below, this is an ideal pairing for the topic of this story. People across this great land are screaming for relief and an end to these days of gloom.

Voyager One has contributed a photo to this story.

athoughtbytim

at 13:08 on February 20th, 2009

athoughtbytim has contributed a photo to this story.

rluck (not verified)

at 06:52 on February 21st, 2009

As I sat in my van waiting for my friend to finish his bussiness with the pawn shop, there were 4 more customers awaiting thier turn. When my friend came out, I asked him if it was always this crowded here. His reply was no, there somtimes might be 1 or 2 but not usually more than that at a time. He also stated that the pawn shop has a great deal of power tools and carpanters tools. I also noted they had a large selection of lawn mowers where the bicycles normaly were chained outside, they still had a few bikes left, but not many.

I think this is an indecater on what is happening with are economy.