Pawn shops feel economic slump
Posted Jul 29, 2016 8:11 pm.
Last Updated Jul 29, 2016 8:12 pm.
This article is more than 5 years old.
When times get hard a lot of people turn to pawn shops to get a couple of extra bucks.
But what do the pawn shops do when everyone wants to sell and no one wants to buy?
A problem most of them face during economic hard times.
Quick Cash Manager Shaheed Rana says because of the downturn they have to try and sell things at deep discounts.
“When the economy is bad, people are looking for used merchandise rather than new, so our slogan is why buy new, when used will do. So we try to promote that and it registers Oh, wait a second, I can buy used too and get around the bend, I don’t need a new one,” said Rana.
Rana explains what it’s like during the good times.
“People pawn not only because they always over spend their money but when they get paid, when they’re working, they pick up their stuff with a big smile and they also do some shopping.”
Rana adds they have so much product right now, when the economy does turn around they’ll be in good shape.
