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Pawn Shop Sales Point to Recovery?

August 31, 2009 by Administrator 

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WALB News in South Georgia is reporting on a new trend that we have also seen occurring in San Diego; that is, signs of an economic recovery are showing up at some pawn shops. The report from the peach state rightly mentions that pawn shop activity is often a good indicator of the economic pulse because many people use them like banks for loans or cash advances.

For the last year, pawn shop owners have been reporting that most customers were pawning items to get quick cash. There’s still a lot of that happening, but store owners say they’re starting to see more shoppers looking for bargains on items many would consider luxuries.

To back up their report WALB notes a big crowd of customers were doing business at Albany’s Dawson Road Jewelry and Pawn in Georgia. “We have seen an increase in the amount of traffic coming through,” Owner Jason Sheffield said. “Needing money to get through the week, to make it to next week’s paycheck. Then you got some people who might run across hard times in their business,” he added

But in recent weeks Sheffield is seeing more people buying gold jewelry and other luxury items at up to 50 percent less than retail. While many people are still pawning items, Sheffield states that his his store’s redemption rate has been close to 70% recently, meaning most people are able to pay back their loans and recover their pawned items.

San Diego Pawn Shops, Gold Buyers, Gold Refineries, & More

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