Pawnshops hunt customers as used-goods sales go online
Pawnshops are spiffing up their stores, adding new merchandise and trying other strategies to attract customers who wouldn’t have considered shopping there in the past.
Since 2007 the number of pawnshops nationwide has grown to about 10,000 from 7,000, according to U.S. Census Bureau data. Pawn-industry revenues were $15.7 billion nationwide in 2012, as reported by Marketdata Enterprises in Tampa, Fla.
Some pawnshops are considering getting out of the retail business and focusing on providing a bank alternative to the unbanked and underbanked. Other pawnshops have poured big bucks into retail build-outs and remodels and added new merchandise to augment a declining amount of pawned merchandise.
Pawnshop owners have been forced to find new sources for merchandise to stock stores after more consumers discovered Craigslist and eBay in the recession, said Howard Grodnick, president of Jacobs Trading Co. in Hopkins, Minn. Those sources include wholesalers and liquidators, which buy retailers’ and manufacturers’ returns, overstocks and damaged goods.
Still, only 7.4 percent of U.S. households have used a pawn store, according to the Federal Deposit Insurance Corp.’s 2012 survey.
Total recall
About 2,900 Uppercut Knife and Sheath sets manufactured for Gerber Legendary Blades in China are being recalled because of a risk of getting cut. Consumers should stop using this product unless otherwise instructed. The uppercut sheath does not hold the knife securely, allowing the knife to come out of the sheath unexpectedly.
All Uppercut Knife and Sheath sets include a black nylon sheath with an engraved Gerber sword and shield logo printed on the front and "GERBER" engraved on the snap clip on the back.
The knife has a laser-marked white sword and shield logo on the front and a white alphanumeric code on the back tang of the knife.
Uppercut sets that were sold in a box have model number 30-000650 printed on the box. Sets sold in blister pack packaging have model number 31-001727 printed on the packaging.
Call Gerber Legendary Blades toll-free at 800-289-4560 from 6 a.m. to 2 p.m. Hawaii time Monday through Friday or online at www.gerbergear.com and click on "Product Notifications" at the bottom of the page for more information.
