In 2023, against the backdrop of rising prices and import restrictions, pawnshop networks in Russia began to open their own stores – they put up unclaimed pawned goods for sale. For example, at such points buyers can purchase used fur and jewelry, as well as electronics, which were sold to a pawnshop, writes “Kommersant”.
Thus, Mosgorlombard opened several stores under the new brand “Resale Market”. There are already two retail outlets in Moscow, and if the project is successful, the company plans to further develop the retail format. The First Jewelry Pawnshop opened five more stores in the country. The network notes that recently there has been a clear trend in the industry towards opening resale stores.
According to Mosgorlombard, the resale market currently amounts to about a trillion rubles, and by 2027 it could grow to three trillion. The chain plans to take a market share of 3–5 percent.
The development of retail for pawnshops is a logical step, confirms the head of Infoline-Analytics Mikhail Burmistrov. According to him, the marginality of selling used electronics and mobile devices is higher than new ones, especially for parallel imports. However, companies should combine the sale of used equipment with services for its maintenance and repair, which is still more difficult for pawnshop chains to do than for large electronics chains.
Pawnshops are looking for new options for doing business in the face of sharply increased loan rates and industry restrictions. Players in the market surethat if pawn shops do not receive support, the industry could lose the vast majority of small and medium-sized participants. At the same time, large players will have to look for opportunities to use additional products and services to compensate for the decisions Bank of Russia.https://musicnewsfirst.com/