We recently set out to learn more about some of the exciting current industry trends that have positively impacted Pawn Shop businesses across the country. Our feature interview is with Lou’s Jewelry & Pawn of Darby, PA. Here’s what the family owned and operated business had to say:
Tell us a little about your business and shop’s history…
“We’ve been family owned since 1914, started in Philadelphia by my father, Louis Myerson. I, Stanton Myerson, am second generation.”
What are some exciting industry trends you’ve noticed in the past couple years that have positively impacted yoru business?
“Without a doubt, the cable show “PAWNSTARS” has been a major positive influence in that it has brought the pawn industry on to Main Street. Together with difficult economic times, the banks not willing to lender money (unless of course you are in the position of not needing money, which defeats the purpose), home property values declining & over 8.5% unemployment, makes the pawn shop a reasonable & legal alternative for many people to get money, and fast.”
What negatives, if any, have you noticed in the Pawn Shop industry in the last couple of years?
“Many of the stereotypical negatives and misnomers have evaporated with the ‘new’ pawnbroking experience as see on the several Cable TV shows.” Stanton also says, “A huge negative is the increased governmental involvement in creating voluminous paperwork & reporting with respect to the Patriots Act, MSB Money Services Business, 1099s to customers who receive over $600 a year & now online reporting of otherwise personal data to a governmental database.”
Has your business grown since 2009 and if so, what are some of the major factors that have contributed to this positive growth?
“Our business is dynamic in the sense that we attempt to stay ahead of the industry. We are innovative and offer our clients the convenience of complete computerization, including digital pics of ID, merchandise & the transaction, guarding against security fraud & protecting our clients privacy.” Stanton also says maintaining competitiveness is key, too. “We understand the market & what items are valued. Therefore, we extend ourselves & offer the most the market will allow & still be profitable.” Lastly, Stanton says positive press has been tremendous. “Over the past 5 years, the press & other media have shown pawnbrokers and the industry in the best possible light.”
Where do you see things going for Pawn Shops in the next 5 years?
“Pawnshops will continue to grow in popularity due to the positive images in the media, programming on pawnbroking showing exactly what we do, the difficult economic times and the tightening of the credit markets where individuals have difficultly receiving loans.”
To learn more about Lou’s Jewelry & Pawn, check out their website.