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Times when a pawnbroker greeted a customer behind protective metal bars in some dingy store are becoming a thing of the past. The future looks bright for boutique-like pawnshops. Some stores only accept high-end and brand name products as collateral for cash loans.
A posh pawn bank makes perfect sense for high rollers who can get cash quick without the hassle and for valued wholesale shoppers who've always dreamed of owning a designer item that does not cost an arm and a leg. The owner of a pawn shop said, "Revenue has dropped by 30 percent due to mid-priced items not selling. But we have a wider selection to choose from because more people are pawning their brand possessions. Acquisition of goods has now increased by as much as 60 percent."
What really sets the swanky pawnshop apart from its older cousins is the professional appraisers who can ferret out knock-offs. The Internet has helped these stores reinvent themselves into going mainstream where customers can inconspicuously borrow money or purchase good-as-new couture items with ease.
Business has never been brisker for Cash Cash after it turned itself into an exclusive pawnshop in 2003. Cash Cash has seven franchise stores in the country aside from the main office in Cheongdam-dong, a wealthy neighborhood in southern Seoul, which has become a haven for boutique pawnshops.
Arirang News
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