pf08-014 - Laserfiche WebLink

Home

� continued from Al Bargain hunting At Maz-It Pawn in Coon Rapids, student Tsuhue Xiong of Ramsey brought in four Game Boys and three video games for "money to get around" with high gas prices. Meanwhile, Melisa Moffitt of Anoka browsed the store looking a[ iPOds for her son. She found a Nano version for $69. "It's a little scruffed up, but my son doesn't care," she said, adding that she started shopping there just recently. A new store. Max-It sits next to a Green Mill restaurant in a high-traffic commercial area just off Main Street in Coon Rapids. Revenues since it moved three months ago have doubled, according to a co-owner. "Ibe seen a lot more people from all walks of life come into a pawnshop than what I've seen in the last five years," said Mark Smith, who co-owns Cash-N-Pawn, which operates Max-It Pawn stores in [he metro area. "I think the economy is crea[ing more pawn customers that are looking for bargains ... Balancing that, I've seen a lot more people - contractors and other types of trades - come in for needing short-term financing for payroll and materials, waiting for draws or just because business is slower." Not everyone links grow[h in the pawn business to the economy. If Cash America is any guide, the industry has seen a steady increase for severai years. The Cash-N-Pawn chain, with locations in Minnesota and stores in Missouri and Indiana, has grown by a double-digit percentage in the past year, Smith said. Unlike many businesses, it's continuing to expand and hire, Smith said. Rixmann said sales at his chain's stores are up 22 percent so far over last year, which was up 20 percent over the previous year. Loans have gone up 50 percent, but the quantity of loans has not increased significantly, Rixmann said, pointing to higher gold prices and more high-end collateral. Purchases are up about 35 percent and account for a larger part of his business, he said. Andy Strauss, owner of Avi's Pawn & Jewelry in Richfield, said he's seen increases, too, though mostly from people selling their gold. "We've always done well in bad times," Strauss said. The pawn business is an easy way to get a small loan, he said.'9t's another source of income. ... If you don't want to ask your aunt and uncle, and you don't want to ask your friend, where do you get $500?" They cadt go to their bank and bring in their jewelry collection to quickly secure a $10,000 loan, he said. Max-I[ Pawn customers looked over Ns a[ the Coon Rapids pawnshop. Staff wri[er Mike Meyers con[ributed to this report. Pam Louwagie • 612-673-7102 �.. �