Read via TV Over Mind: The COVID-19 pandemic has affected countless people all over the world. Even those who have managed to stay afloat are still dealing with the ramifications of a now struggling economy. The fact that people are gathering less and generally have fewer places to go means that they tend to be spending less money. That coupled with the fact that countless people have lost their jobs means that money is tight for many. Some people may be surprised by this, but the pawn shop business has been among those that have been hit pretty hard by the effects of the pandemic. This includes the popular Las Vegas pawn shop, the World Famous Gold & Silver Pawn Shop, which has been featured on the series Pawn Stars for over a decade. Keep reading to learn how Pawn Stars has been affected by COVID-19.
How COVID-19 Has Slowed Down Business At the World Famous Gold & Silver Pawn Shop
Since so many people have been struggling during COVID-19 many would assume that business would actually be booming for pawn shops. After all, if you’re down on your luck and need some quick cash, a pawn shop is the perfect place to do. Unfortunately though, that hasn’t been the situation for many of these businesses. While it’s true that the beginning of the pandemic actually resulted in a boost for pawn shops, that didn’t last long.
During an interview with Fox News, Pawn Stars star, Rick Harrison, shared that COVID-19 has left the pawn shop business ‘massively distorted’. He continued to explain how the industry as a whole was struggling to find its footing. Now that most people are only doing things that are deemed essential, you can probably guess that taking a trip to the local pawn shop isn’t at the top of most people’s lists.
To make matters even worse, Rick was forced to partially close the doors of his shop in March 2020 as the number of cases began to sky rocket. The tourist portion of the business was closed for 30 days although the financial aspect remained up and running. According to the Las Vegas Review Journal the shop’s CFO said, “With respect to the buying of assets and the loan business, we have a night window, and our plan is to keep that going 24 hours a day, because obviously there are people that are going to be hurting.”
The Future Of The Pawn Industry
When COVID-19 first reached the United States, most people assumed it’d be over in a few months tops. Now that it’s been almost a year of social distancing and mask wearing, it’s clear that COVID-19 has much more staying power than anyone could have ever imagined.
Still, Rick is hopeful that the pawn industry and the world as a whole will bounce back. He also made it clear that he and the rest of the team at the World Famous Gold & Silver Pawn Shop are ready to do their part. In an interview with a local Las Vegas news station back in April 2020 Rick added, “We’ve lowered the interest rate on items. We’re giving people more time to pick their stuff up. We understand. I’ve been in this town for a long time. It’s given a lot to me and I always try to give it back.” During that interview, Rick also said that he thought the economy would bounce back in about six months. Unfortunately, we now know that wasn’t the case.
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