If we own anything of value it would definitely be sneakers. New York teen Chase Reed has capitalised on this, opening up the world’s first high-end, dead-stock sneakers pawn shop. A father-son venture, Chase and his father Troy had the idea after Troy asked to borrow another $50 for a new pair of sneakers, for which his father held as collateral until the $50 was returned.

The business operates by first evaluating a pair of sneakers brought to them and making an offer. If, afterwards, the owner wants the pair back they must return the loan plus storing fees. If someone makes an offer for their sneakers, the pawner is notified and can agree to the sale at his own discretion. If a sale is made for more than the original buying price, the pawner keeps 80% of the profits and the rest goes to the store.

So who’s going to start one of these Down Under?

[Via.]

More sneakers

Have a closer look at Drake’s Black “OVO” Air Jordan XII sneakers
Watch: A behind the scenes look at what makes Buscemi sneakers so goddamn expensive
Attention Oz Sneakerheads: Nike + Riccardo Tisci stockist revealed