SCOTTSDALE, AZ (February 26, 2014) – SimonCRE continues its acquisitions, adding a commercial property in central Harlingen, TX. The newest addition to the portfolio is a 7,105 square foot EZPawn retail shop on Commerce Street near Interstate 77. Extensive renovations and redevelopment are slated for the space including expanding the building by approximately 2,000 square feet, complete façade updates, landscaping improvements and a new parking lot will be added for the store. The EZPawn will remain open throughout construction in order to continue serving the greater Harlingen community.
The Texas store expansion mirrors the industry, which has seen a steady increase in the annual growth rate since the recession in 2008. Growth has been at an annual rate of 2.4 percent with a projected annual increase of 2.1 percent over the next four years, according to industry analyst IBIS World. More than 11,000 businesses currently compete in the $14.5 billion market. Pawn shops are a resource to consumers for short-term cash needs with the national industry loan amount averaging $150.
EZPawn is the retail arm of EZCORP (Nasdaq: EZPW), who is the market leader in specialty consumer finance. The organization began in 1989 as 16 individual pawn stores were combined under one entity, all focused on delivering solutions to their customers. Today there are more than 470 EZPawn stores throughout 19 states in the U.S. and Mexico. The retail outlets assist consumers with short-term cash needs through collateralized personal property loans, purchasing unwanted merchandise or through paycheck advance signature loans.
“EZPawn fills a need for the Harlingen community and we are pleased that we will be delivering a broadened, fresh experience,” says Joshua Simon, president of SimonCRE. “Renovations will begin immediately and we will be working closely with the staff of EZPawn to ensure that they can deliver the same level of quality service to their customers throughout the remodeling process.”