Pawnshop at Orchard Road targets tourists, young adults

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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1001030/1/.html

Pawnshop at Orchard Road targets tourists, young adults
By Liang Kaixin, Channel NewsAsia | Posted: 26 August 2009 2053 hrs

Photos 1 of 1

Orchard Road, Singapore (File Picture)


SINGAPORE: The only pawnshop at the busy Orchard Road shopping belt has opened.

Targeting young adults, foreigners and tourists, the shop at Lucky Plaza, which is without the usual grilles and high counter, looks more like a jewellery store.

Jewellery company Aspial, which runs the shop, said it decided to go into pawn broking as there is business potential in the industry.

It hopes to transform the image of the pawn broking business with more friendly, approachable and professional service, and offer it as a choice for quick financing.

It also hopes to leverage on its experience and expertise in the jewellery industry to give customers the best valuation in the market for their diamonds and other jewellery.

Aspial said it has chosen to set up the pawnshop at Orchard Road as traffic is high and it wants to expand its customer base. Although rental is higher, it is banking on tourists and a younger crowd to bring in the dollar.


- CNA/so

 

[radon39]

How does pawning work ah?

 

[Yoshitei]

How does pawning work ah?

When you pawn an item, preferably gold, they look at the grade of the gold (eg. 999, 18K or 19K) and then look at the market rate.

They will offer you below market rate and if you redeem the item, the charge you interest, if not, the smelt it.

 

[Conan the Barbarian]

Haha, who wants to be seen in town pawning their stuff.