Story via Spectrum Local News:
Times are tough for people across the nation when it comes to finances.
Places like pawn stores are seeing a boost in business, whether for loans or those looking for a deal.
With time, comes change. For Joey Leza, the president of operations for Buffalo Jewelry and Loan, it isn’t business as usual, it’s family.
“It’s kind of changed the perception of what people think of pawn shops,” he said. “You will meet some of the most wealthy people in the community and you’ll meet some of the poorest people in the community, but treating those people the same is something that we strive for.”
With inflation raising prices of everything from food to gas, more people are coming through their doors. The store has seen around a 50% increase over the past few years.
“You saw more of an increase in loans during the pandemic,” Leza explained. “Now that people are back to work, we’re seeing more of an increase in how they’re wanting to save their money.”
One of those people looking for a deal is Kevin Potter.
“Some places you feel like you’re kind of doing something bad almost,” he said. “It’s not a good feeling. They make it good.”
Potter comes in looking for anything from jewelry to shoes, even trading cards that he can turn a profit on.
“Sometimes you could turn a $200 card into a $10,000 card depending on how old it is and all that,” Potter said.
Leza’s goal is to have everyone leave with a smile, whether they’re buying something or taking out a loan.
“It’s tough to be able to give that news to some people sometimes,“ Leza said.
It can be challenging.
“A single parent had an emergency and she needed to get about $1,000,” Leza recalled. “Well she had a ring that was passed down to her from her grandmother and she had tears in her eyes when she’s presenting this ring to me.”
Leza says they work with people to figure out what’s best for them.
“I said ‘I can pay up to $3,500 for this ring,’” Leza said. “But I don’t want you to get a loan for that much because I want you to pick this up […] don’t lose this over a few bucks.”
That woman was among the 90% of customers at Buffalo jewelry and Loan who do successfully pay back loans.
“She gave me a big hug and she said, ‘thank you so much. I really appreciate it. I didn’t have anywhere else to go,’” Leza said. “A lot of people don’t see that side of the pawn business.”
If difficult financial times continue though, loans likely will go up.
“I think we’re trending on seeing a lot more goods coming in,” Leza explained. “So in 2008, we kind of saw the same thing […] and people really use pawn shops um to get some extra cash they needed.”
But he plans to continue fighting pawn shop stereotypes to try and ease some burdens.
“It’s doing what’s right for the customer that’s in front of you and that is the backbone of our business is always doing what’s right,” Leza said.
Buffalo Jewelry and Loan aims to be part of the community too, whether through events or by offering kids a free video game for making As and Bs on their report cards.
See the full story: https://spectrumlocalnews.com/nys/buffalo/business/2022/08/30/western-ny-pawn-shops-see-increase-in-business-amid-difficult-financial-times
