Prestige Pawn Brokers
Economic pressures are affecting multiple communities across Calgary, as a result people are searching for flexible, fast and affordable financial solutions in local pawn shops such as Prestige Pawn Brokers on 16th Ave. N.E.
About the Owner
Prestige Pawn Brokers is one of Calgary’s oldest pawn shops and is very beloved in the local community. The owner Albert Gerov opened the shop, originally located downtown, in 1967.
When demolition came for the original location, he chose Crescent Heights Village as Prestige’s new home.
“I just like the neighborhood, especially when we were moving from downtown, I was targeting this community because it’s busy, it’s multicultural and the people in general are really nice,” said Gerov.
Gerov is from Tashkent, Uzbekistan and he got into the industry of pawning when he was just a teenager. He enjoyed buying and selling items, getting excited whenever he found a good price.
Pawning also helped Gerov make some money on the side.
While Gerov has a passion for pawning, he is also a family man having a wife of over 25 years and two daughters he cherishes.
The Past and Now
The type of business the shop receives now on 16th Ave. is different then their original location. The customers today have pawned with them before and are actively looking to get a loan or buy second-hand items. Unlike the old location where most of their traffic came from walk-ins and tourists.
“I have people reach out to me after I do not see them for four, five, eight years. They just know the number and they just stop by and say ‘hey are you guys still in business?’” said Gerov.
Gerov also said the pawning scene has changed since the Prestige opened in 1967, more people have access to market values for items brought into the shop. As such, it is easier to come to a fair consensus for exchanges.
Customers bring items to the shop in exchange for a short-term loan based on the item’s value. Most pawn shops give a period of time to pay back the loan, then the customer can get their item back. Or if the customer does not wish to have the item, the shop can keep it to sell at an affordable price.
The most common items Gerov sees brought in are musical instruments like guitars and different types of jewelry.
However, his favourite and by far most unique items he sees are any antique items, specifically antique knife collections and clock collections. He also sees occasional antique artworks.
Pawning in the Community
What makes Prestige Pawn Brokers unique is their interest-free layaway plan. The shop provides almost an unlimited amount of time to pay off the loans with no additional interest, guaranteeing you make the most out of your loan.
“I just try to be humble about it.We just try to be fair to people and treat them with dignity,” said Gerov.
Prestige Pawn Brokers handles strictly cash transactions in order to give customers money in fewer than 60-seconds. Gerov said they do only cash so people can get quick financial aids or emergency money whenever they need it, since banking processes take longer and often have fees attached.
“The economy is not great for anybody at the moment and the local community. We try to be there for our people and many other communities as well,” said Gerov.
Pawn shops will remain a critical part of the local community as people search for affordable second-hand items and flexible short-term financial services. As such, Prestige Pawn Brokers welcomes locals to come do business or just simply visit.
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