Hat City Pawn is proud to announce that its second pawn shop will open on March 1, 2013! The new shop is conveniently located at 314 Westport Avenue in Norwalk, Connecticut which is just minutes from I-95, near the Westport border. Norwalk makes for an ideal location for Hat City Pawn because it is considered the sixth largest city in Connecticut and is part of the most densely populated county in Connecticut. This densely populated area will enable Hat City Pawn to provide services to a maximum number of customers, thereby helping a large number of people. Hat City Pawn not only expects that its new shop will thrive in this busy city, but more importantly that the community will benefit from services provided by the pawn shop.
A new pawn shop in Norwalk will deliver services to the community that cannot be provided by any other establishment. Pawn shops did not exist in Norwalk prior to 2012, but they can be an integral part of a community’s flow of goods and services. Hat City Pawn will fill a void throughout Norwalk and the surrounding area in several ways. The first way is by opening up a market for the exchange of used merchandise within the community. Without a pawn shop, there is no convenient way for people to sell items they no longer need or want, so they are likely to throw out the items or stash them away; this benefits no one in the community. However, Hat City Pawn will enable people to sell their items and receive cash which they would not otherwise have. This money could then be spent elsewhere in the community.
As there is no convenient way for people to sell used items without a pawn shop, there is also no convenient way for people to buy discounted, used merchandise without a pawn shop. People may not be able to afford brand new items from a retail store, so they would end up being unable to buy items they need or want. This benefits no one in the community. However, Hat City Pawn will enable customers to buy used merchandise at a price they can afford. Pawn shops open up a new market by creating a seller and a buyer of used merchandise. This benefits the seller because they receive money they would not otherwise have and it also benefits the buyer because they are able to purchase an item that they could not otherwise afford.
The second way Hat City Pawn will fill a void in the community is by providing short-term loans to customers when no credit options are available. For example, if a customer needs $100 for groceries but does not have access to credit, he/she can take out a loan at Hat City Pawn to get through the week. Another example is if a small business owner needs $10,000 to cover unforeseen costs of broken equipment, but the bank refuses to loan him/her the money. This is where Hat City Pawn can offer the business owner a loan regardless of credit. Since pawn loans are not based on the customer’s credit, but rather on the value of their collateral item, Hat City Pawn is able to lend out money to customers who would otherwise have no financing options. Hat City Pawn benefits the community by providing customers with cash to get through hard times when there is no other option.
The city of Norwalk is home to a diverse, working class population as well as about 6,000 small businesses, and is surrounded by many affluent towns. Since Hat City Pawn’s customer base is so diverse and ranges from wealthy investors looking to buy/sell gold to working class citizens who need quick cash, Norwalk will be a perfect location for the new shop. Being situated in this area enables Hat City Pawn to reach the maximum number of customers and offer them services to improve their financial situation.
Hat City Pawn will help the greater Norwalk community by creating a market for the exchange of used merchandise as well as providing collateralized loans, both of which do not exist without a pawn shop. When money options are more readily available to people, a flow of money is initiated through the community, thus stimulating the local economy. Hat City Pawn will make Norwalk a better place by offering these unique services to the city and surrounding towns. Hat City Pawn looks forward to becoming a part of the Norwalk community and serving its citizens.