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Pawn shops enjoy success in recession
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Published: March 8, 2009
A growing number of local residents in need of extra cash are turning to local pawn shops.
Some customers are simply cleaning their closets, while others are hocking everything from plasma televisions to cement cutters to make it through the month.
"We help people from all walks of life," said Statesville Jewelry and Loan jeweler Rick Harris. "A lot of workers are out of work and they need the money."
And why not? Gold jewelry is being sold at high prices, those old DVDs on the shelf you barely watched are fetching at least $1 — and don't forget the power tools.
"We have been slammed," said Kevin Palmer, owner of T-Town Jewelry and Pawn in Troutman.
Palmer said his business has gone up 40 percent from this time last year. He's seen a little bit of everything in the past couple of months.
"Gold is probably the biggest thing," Palmer said. "A lot of tools, and we sell tons of firearms."
The firearm sales have more to do with people being afraid of changes in gun-sale regulations, he said.
Statesville Jewelry and Loan owner John Marshall said more people, particularly construction workers, are pawning their tools.
"Tradesmen don't pawn their tools unless they don't have work," Marshall said.
Statesville resident Robin Howell was trying to sell an old camera and a PalmPilot she never used Thursday at Statesville Jewelry and Loan.
However, she was told the PalmPilot was too old and the shop didn't buy cameras with less than eight megapixels.
Marshall and Palmer said they are particular about what they will buy. By law, these shops are required to hold pawned items for 90 days before they are resold. And all pawned or sold items are tracked by the Iredell County Sheriff's Office to make sure they aren't stolen.
A lot of items are coming in on trade, Marshall said. One customer on Thursday was looking for a surround-sound system for his Xbox video game system.
Palmer said he recently sold some plasma televisions and has a 60-inch screen television in his shop right now for $499.
Statesville resident Alison Huffman said she likes shopping at pawn shops because you never know what you are going to find.
"They have random stuff," she said.
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