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Legitimacy key for pawn shop firm

By CHESTER ROBARDS

Business Reporter

crobards@tribunemedia.net

WHEN a customer who removed a piece of gold jewellery from Nassau Pawn walked back in less than 24 hours later and apologised for taking it, the owners knew their security measures for keeping customers safe – and possible stolen items out were working.

Store manager, Corey Rolle, said their system proves the new Bay Street-based pawn shop defies the common stigma of being a dumping ground for stolen goods, and portrayed in movies as havens for rogues and misdealing.

The owners and managers are working to dispel that perception through a thorough customer identification system, which requires a passport or drivers license copy to be taken, a picture of the customer taken and a fingerprint given before business is completed. They have also built a working relationship with the police, having a purchaser identificiton system that would assist with the recovery of stolen goods and apprehension of possible suspects.

“We don’t want anyone to get into any trouble,” said Mr Rolle. “We have already had to turn away a few people.”

According to him, a youth in school uniform was turned away after trying to pawn a gold ring, when did not want to offer identification. He said all patrons of the shop must be at least 18 years-old.

Nassau Pawn accepts almost anything that is in working order. So far, the shop is stocked with power tools, audio equipment and some charms and watches.

According to Mr Rolle, almost any item can be purchased by the pawn shop, with the borrower having the option to repurchase the item in 30 days, if that deal is struck between both parties.

Nassau Pawn also offers to reimburse a customer’s parking fees at a nearby parking lot, with a completed transaction of $50 or more.

Mr Rolle said not every item that enters the store will be able to be negotiated on, but haggling will be an important asset for future Nassau Pawn employees.

Mr Rolle yesterday struck a bargain for a portable DVD player and Gold ring after an unusual auction style-exchange with the seller. In the end, they were both satisfied with the price for the two items.

Owners of the pawn shop borrowed the idea from a Pawn Shop in Providenciales, Turk and Caicos, where the training team will be coming from.

While investors in the store did not want to reveal how much was injected into the Pawn Shop, they said it took a large amount of money to start such a facility.

“You can imagine start-up costs are high since you have to purchase goods from your customers,” one said.

Mr Rolle said they hope to eventually expand the Pawn Shop concept to Freeport. “It’s a great concept,” he said. “You can buy stuff for cheap prices and people can come in and sell stuff they no longer want.”