RICHLAND -- The ACE Jewelry and Loan Store celebrated its tenth anniversary this month. 2008 continues to be one of its most profitable years ever. "Truly, this year has been a wonderful year for us. We've grown tremendously, with gas being up like it's been," said Tony Sanders, Ace Jewelry & Loan. "People need a little extra money between paydays. The gold value being like it has been. That has helped us as well." This Kennewick pawn shop credits the three g's: guns, gold and guitars.
People come looking for bargains, jewelry appraisals, and loans. The store can make a 25 dollar interest on a 100-dollar three month loan.
"Most of our clientele are regulars. They come looking for services, and are happy to see us here, and we're able to help them out," said Sanders.
With less discretionary income, families have found ways to stretch their entertainment dollar. Instead of nights on the town, many americans choose to stay and play at home. "Definitely, frugality over the technical system, or something more expensive," said Sam Berven, Neilsen's Art & Video Games. "They're much more into PlayStation 2 or Something that's a little bit older, and less money, and not going to break as often."
Business at this, and video game stores nationwide continues to grow. Through may, video game sales are 62-percent higher than last year, which is an increase from $1.7 to $2.8 billion.
"I probably say it's the fantasy aspect, mostly so much a 35 year-old who works a day job, can play football a full season," said Berven. "A kid can play a role-playing game, that's based on a movie or a book he likes."
Despite a few success stories, the nation's economy continues to sag. The Federal Reserve Chairman told a Senate Banking Committee today, rising energy and food prices increase the risk of inflation.