people rely on pawnshops to pay for unexpected hospital bills, car
breakdowns, and other unforeseen expenses. If you talk to customers of
a pawnshop, they will tell you that pawnbrokers are the only lenders
willing to loan them money. In fact, during the great depression, the
pawn shop was the only functional lender.
Today our customers are people from all walks
of life. Next time you are in line at the bank or supermarket look at
the people standing in line next to you, those are the same people you
will find in our stores.
The founder of Pawn Daddy started out as a pawn shop customer.
William Jachimek needed some cash to start his first business. After
still coming up short with loans from family and friends he took a
diamond ring to Levinsons pawnshop in downtown Chicago. The 500.00 loan
he received gave him the balance of funds he needed and little did he
know that several years later he would find the pawnshop business as
his life's work.
Another $500 loan several years earlier started the famous Barneys of
New York which recently opened in Scottsdale.
Barneys of New YorkBarney
founder of New York-based luxury chain Barneys, owed a lot of his
success to his wife. When Pressman saw a small store in Manhattan going
under in 1923, he wanted to buy it and open a clothing store of his
own. There was a problem, though: he didn't have the cash.
When Pressman told his wife, Bertha, about this
predicament, she slipped off her engagement ring and told him to pawn
With the $500 Pressman got from hocking his wife's
diamond, he took over the failing store's lease and bought 40 high-end
suits, which were the original inventory when Barney’s Clothes opened
its doors shortly thereafter.