Fast -growing electronics resale chain Paymore opens 100th store

The fast-growing electronics sales chain Paymore sees its growth spurt accelerate, fed by consumer demand for second-hand store options and rate-related price increases.

The company today announced that its 100th location, in Charlotte, NC, will open the coming week. Paymore, which started selling franchises in 2020, has seen an increase in the number of stores by 500% in the last two years.

It is expected that rapid growth will continue. By the end of this year, another 50 stores will be opened and Paymore will have development agreements for 640 extra stores within five years, 460 in this country and 180 overseas.

Combining physical and online retail

Paymore is an innovative store chain that depends on both traffic in the store and on online sales. It leans to physical locations at a time when much of the second -hand buying and selling shifts online.

The company has built up a company that is attractive for franchisees, with its own technology with which shop owners can quickly know what they have to pay for items and make online resale easy.

“People open their eyes to New Age Retail, which we consider ourselves,” said Paymore co-founder Stephen Preuss Sr. In an interview to announce the 100th Winkelmijlpaal.

“Although we have these traditional physical locations, we are fully powered by technology, data and e-commerce,” he said.

Paymore was born after Preuss and his co-founder Erik Helgesen saw the potential for an electronically oriented store chain after their experiences with a general merchandise-two-hand shop on Long Island, in the suburb of New York City of Massapequa Park.

Creating a minimalist, modern second -hand store

They learned in that store that customers like to hand in used electronics for cash, in a personal store, where trained employees can show them that the devices have been swept away from personal data. Those customers also wanted to be able to sell their used electronics in a clean, well-organized store with an atmosphere more such as an Apple store or a best buy than a thrift store, and to get cash instead of storing credit.

“We just want a very minimalist, modern store,” said Preuss. “We really think of ourselves, almost – as far as our aesthetics – as a really second -hand Apple Store,” he said. “Better shopping areas, light and airy.”

Customers turn into brand ambassadors

“We are trying to think that the football mother comes in a safe and safe comfortable store with a bag full of electronics and her children – being able to quickly go in and out with a fair deal with cash in hand and then to be a brand ambassador for us,” said Preuss.

Peer-to-peer references from Happy customers have now contributed to the initial growth of Paymore, as the brand expands, more people are immediately looking for Paymore locations.

“It grows with hundreds and hundreds of percent a month, people looking for Paymore stores. We know we are doing the right thing,” said Helgeenen.

Randy Griesbach, the franchise owner of the 100th store, also has two other Paymore stores in the Charlotte area. He opened his first Paymore store just over a year ago. He said he was attracted to the Paymore model when he examined franchise options after he had previously had a production company.

“Low number of employees, simplicity of the systems, they were very high on our priority list,” said Griesbach.

With his first two stores, he has seen that consumers keep the Paymore concept. “It was a place for them to take something with you and to sell and walk away with cash.”

Paymore stores are usually 1,000 to 1500 square feet. Franchisees pay a franchise costs of $ 35,000 and monthly royalties. Tech and marketing costs. On its website, the company says that the average start -up costs vary from $ 131,750 to $ 361,500.