With other avenues available for loans and securing valuables, there have been questions about the future of pawn shops in Olathe, KS and elsewhere. In reality, pawn shops show growing retail sales and are finding their way on social media to promote their goods and services. Like any industry, we had to evolve. Here is how things look for the future of pawn shops.
The appeal of pawn shops
The 21st century has not done anything to reduce the appeal of pawn shops. With many Americans hoping to purchase good-quality products for less money, many have discovered pawn shops are excellent sources of tools, electronics and even jewelry. Many people browse pawn shops the same way they do antique stores or museums. There is no doubt that unique items end up on our shelves!
Pawn shops are also a good source for firearms. Many stores secure licenses, as customers often wish to buy, sell, pawn or trade firearms. Shops like Harrison Street Pawn hire knowledgeable experts who can help you choose your firearm and also assist with cleaning and repair.
When it comes to loans or selling items, pawn shops have not lost their appeal. The price of gold makes jewelry pawns or sales especially profitable for customers and shops alike. Even if a piece is out of date or damaged, the gold price is often enough to help a customer pay a bill or use the money for something they will enjoy more than a bracelet or coin collection that merely gathers dust.
The main challenge faced by pawn shops is online sales. eBay and Facebook Marketplace allow people to sell unique items and find buyers through a large platform. Amazon also offers platforms for sellers to go about liquidating items on their own.
However, these are merely challenges—they are by no means putting pawn shops out of business. In fact, many shops use these tools for their own inventory. In 2017, 84 percent of pawn shops had their own Facebook pages and listed items in its Marketplace feature. Others list their items in online shops, although more than 25 percent of shops do not maintain a website. Keeping an online presence will likely prove essential for pawn shops as people start to prefer digital shopping to visiting storefronts.
It’s true that pawn loans are on the decline. This is likely due to people choosing to sell items outright rather than use items as collateral. But this is not overly detrimental to business. If anything, it increases pawn shop inventory and feeds the recent increase in retail sales. While pawn loans may remain a service, many shops will not be much different from other secondhand retailers. Fortunately, that is proving not to be a bad thing.
Pawn shops are not going away anytime soon, and Harrison Street Pawn is among them. Located in Olathe, KS, we offer a variety of firearms, jewelry, power tools, mobile devices and other items for fair prices. Visit us today to see what we offer.