"Sneaker Pawn" sees success after year in business

A high school student has gained a foothold in the business of used basketball sneakers. It may not sound like big business, but it is.

Success often comes by thinking out of the box.

"I knew it was brilliant but I didn't think it would be this big," said Chase Reed.

CBS News first met 17-year-old Reed last June when he opened up Sneaker Pawn in Harlem.

"We started off with no sneakers and 49 shelves on the wall and now we have almost 300 shelves on our wall and all of them are full."


Chase Reed has seen success with his "Sneaker Pawn" venture over the past year.

CBS News

Reed Cleans some of the used sneakers he buys and modifies others. He resells some for thousands -- via social media sites, including Instagram. Customers range in age from pre-teens to middle aged.

"He's going to be a really successful young man in the future because he asks the right questions," said Troy Reed, Chase's dad -- and his employee. "Chase probably sold about $5,000 worth of sneakers in one day and I saw him, like take command of the floor and help customers."

With no intention of breaking his stride, Reed is taking his next big step -- his first franchise. He's window shopping for a site and this week has launched a $50,000 kickstarter campaign, hoping to find generous "sole-mates" to invest in the franchise location in Midtown Manhattan.

"They can help me open up a business downtown," said Reed. "They can help me go to L.A. and open up a store. And even other states."

This high school junior plans to have his business bankroll his college education.

"I would like to go to UCLA or Howard University," he said. "I like Duke, I like Duke a lot."

He hopes to major in business or economics. With goals of creating his own shoe and clothing line, Chase Reed sees himself as a mogul in training.