Crain’s Detroit: American Jewelry and Loan pawn shop chain grows with the times

By July 15, 2016Featured, News

From Crain’s Detroit: The American Jewelry and Loan chain just got bigger.

The Detroit-based pawn business, star of TruTv’s “Hardcore Pawn,” acquired Joey’s Jewelry & Loan on John R just north of Eight Mile Road for an undisclosed amount.

Through the early June move, it increased market share while expanding its brand with a new location not far from the 38-year-old company’s original store in Detroit, said Vice President Seth Gold, the son of owner and president Les Gold.

“Hazel Park is a growing community with lots of new businesses and restaurants,” he said.

In the month it’s been operating under the American Jewelry banner, the 2,000-square-foot store has produced 40 percent more loans, Les Gold said.

And the chain will soon open more new locations, he said.

American Jewelry and Loan is in the midst of moving inventory from the 2,500-square-foot Pontiac location it had operated from the past five years to a new, 10,000-square-foot leased site further north on Telegraph in the Oakland Pointe Shopping Center. The center, which is also home to Big Lots and Forman Mills locations, is across from the former Summit Place Mall which is facing demolition. American Jewelry has an option to expand into the vacant space next door should it need to, Les Gold said.

Read the full article at Crain’s Detroit.