Pawn shops boom in Biloxi
August 31, 2009 | Mississippi, alternatives, industry | Comments (0)From the story:
Webb has given loans recently on Rolex watches and multi-carat diamond rings. “We’re seeing some of the nicer things from people who don’t normally need loans,” he said.
Because of the nature of the business, pawn shops also have become retail shops, where savvy shoppers go to look for bargains on used merchandise. Selling the forfeited merchandise turns a profit for the pawn brokers.
The economy “has made people become smarter shoppers,” Webb said. “They’ll come in and buy it pre-owned to make their money go further. Everybody’s trying to stretch a dollar these days.”
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