20 Million Baht Cash Injection For Popular Government Pawn Shop.

[kurgen]

At the VIP Room at Pattaya City Hall, Khun Itipon led a signing ceremony attended by representatives from the Government-controlled Pawn Shop which is located in Soi Yodsak in Central Pattaya.

The shop, which is now more popular than ever, due to the global economic slowdown, is finding it hard to cope with the huge influx of valuable items brought in by Pattaya residents desperate to exchange the item for cash. The shop requires a cash injection of 20 Million Baht to improve their cash flow.

Khun Itipon, signed the payment order on Wednesday to allow the shop to continue offering the Pawning Service which is expected to become even more popular over the coming months as the credit crunch starts to bite here in Pattaya.

Pattaya One News

[brahmburgers]

I was in Pattaya for a few days recently on one of my very rare visits there. I believe I saw the pawn shop mentioned. Is it a big glass-windowed corner space the 2nd floor of a Mall?

Pawn shops are generally good for Thailand. Sure, there's room for problems (desperate sellers getting taken advantage of, etc), but overall, Thailand could benefit from having many venues for 2nd hand items. As it is, Thais stick with buying new retail - whenever possible. This benefits retailers, but keeps poor people poor.

I'd like to see yard sales, thrift shops, garage sales, individuals' for-sale notices on bulletin boards - coming in to vogue here in Thailand. Even newspapers could help in the equation. Currently, the 2 major Eng.Lang newspapers don't have real classifieds. They use the word, but it's just cars, condos, travel, jobs, and a few sex venues advertised. There aren't any regular classifieds - with people selling odds and ends. Perhaps that's considered too low-class for the Post and the Nation.

In contrast, farang countries have thousands of venues for selling 2nd hand things - and it helps stretch funds for low-income earners. Even rich folks love to shop 2nd hand. In Thailand, 2nd hand is taboo, so even the poorest residents spend way beyond their means (for new / retail) to 'keep face.'

[farangpattaya]

A big item is 'trust'!

Everything technical: equipment, audio/video, game consoles, cars, motorbikes...........you never know how it was treated and in what way it was possibly damaged.

Straight forward items can be bought 2nd hand and at some markets, 2nd hand clothes are pretty popular.

[Humphrey Bear]

I was in Pattaya for a few days recently on one of my very rare visits there. I believe I saw the pawn shop mentioned. Is it a big glass-windowed corner space the 2nd floor of a Mall?

Pawn shops are generally good for Thailand. Sure, there's room for problems (desperate sellers getting taken advantage of, etc), but overall, Thailand could benefit from having many venues for 2nd hand items. As it is, Thais stick with buying new retail - whenever possible. This benefits retailers, but keeps poor people poor.

I'd like to see yard sales, thrift shops, garage sales, individuals' for-sale notices on bulletin boards - coming in to vogue here in Thailand. Even newspapers could help in the equation. Currently, the 2 major Eng.Lang newspapers don't have real classifieds. They use the word, but it's just cars, condos, travel, jobs, and a few sex venues advertised. There aren't any regular classifieds - with people selling odds and ends. Perhaps that's considered too low-class for the Post and the Nation.

In contrast, farang countries have thousands of venues for selling 2nd hand things - and it helps stretch funds for low-income earners. Even rich folks love to shop 2nd hand. In Thailand, 2nd hand is taboo, so even the poorest residents spend way beyond their means (for new / retail) to 'keep face.'

You are probably talking about "Cash Converters" in the Carrefour Complex. This is not the Gov't Pawn Shop, which is in Soi 6 (where it is needed!)

It is not within Thai culture to willingly buy 'previously-owned' articles. Even a second-hand Mercedes is difficult to sell to Thais - unless the price is ridiculous.

The problem in Pattaya is the lack of tourists (especially single men) and the number of working girls with no concept of saving money (especially those in Soi 6). And the afternoon closure of Soi 6 does not help.

The Thai economy is going to take a big hit this 'high' season and another 20M baht will only give a few days grace for the vast amounts of money that travel North and North-East out of Patts. By New Year they will have tons of gold in the Pawn Shop and no money. Same with all the gold shops - and other (private) pawnbrokers.

Edited December 11, 2008 by Humphrey Bear

[kurgen]

20 million baht buys a lot of used DVD players

someone's made a nice bung, for sure