The Teen Behind World's First Sneaker Pawn Shop

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June 17 (Bloomberg) -- Chase Reed, owner of "Sneaker Pawn," and Troy Reed, co-owner, explain how the shop was founded and how it works. They speak with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

The store together and they are joining me now.

Great to have you here.

I want to start with you, tell us the basics of how the store works.

The basics is basically you can come in and you can pawn your sneakers, customize, refurbish, put them on consignment.

Anything involving sneakers, you can come in and do.

Let's say that someone has a pair of sneakers but they would rather have the money.

They will come to you, you will look it up and see the price point that would make the most sense.

Then what happens?

They stay there on consignment?

We give someone 90 days to come back and give their sneakers.

We are not interested in keeping kids or dolts sneakers.

The point of them is to get quick cash to get a metro card, for college, school books, anything.

What we do is we take that and give them the opportunity -- most kids don't have valuable things.

What they do is have thousands of dollars worth of sneakers.

They can bring in their sneakers, pawn them.

You talk about having $1000. let's say somebody walked in and have crown jewel lebron, what would that go for?

They are very high-end.

This is like a luxury sneaker.

This goes for about $10,000. a thousand dollars?

-- this goes for about a thousand dollars.

A thousand dollars?

These are luxury sneakers.

What makes the value is how a squeeze of are.

That is what makes them very high-end.

If we were to look in the closet, would we see a lot of these?

At one time, you would have seen $30,000. that was the original inventory.

Now that he has his own store and business, he is probably down to one pair.

What are some of the most popular speakers that are being pond right now?

You have like the jordan -- you pretty much have anything.

You would be surprised at the sneakers that people have across this country.

They were never worn, they are just sitting there.

We get women, men, kids.

We get the stories of people saying, wow, i can finally bring my sneakers in and get cash for them.

On their sneakers in poor condition that also commend the separate prices or they have to be pristine?

Most of them have to be like crisp.

Basically, brand-new.

However, we do take certain sneakers depending on the value of them.

We were probably take it.

We will take it over some people's needs.

We need to know how to bring the sneakers back to life.

What about if lebron james actually wore the speakers or someone from the san antonio spurs.

What happens if they have been used in a playoff game or a and ba?

That is just what we will be looking for.

We got many sneakers that came in, people say, you know what, i'm not going to get any money for them.

Let's hope these figures and given to people, the young kids that are playing in a basketball tournament.

Some of cannot afford the sneakers.

We have a business that allows us to take sneakers and give them to kids who now can go on to parks and play ball and sneakers they're getting from and ba players and athletes.

Which is have that, this is a

This text has been automatically generated. It may not be 100% accurate.

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