With the sad news that a famous Edinburgh pawnbroker has taken the decision to close their doors, it is time to consider whether the high street as we know it is going to change, and particularly high street pawn broking.

Here at Edinburgh Asset Finance we have always been very different to a High street style pawn broker, and have always received praise from our clients for being so. Our clients enjoy the privacy and the discretion that we can offer. When compared with – for example – Duncanson and Edwards, where clients must take their valuable assets into a glass fronted shop on one of Edinburghs busiest streets, our solution gives clients the chance to deal with us online via email or on the phone primarily, before arranging a meeting at either our secluded office in Edinburgh or somewhere they feel more comfortable, indeed a lot of these meeting take place in the clients’ home.

This move towards convenience is not limited to pawn broking or indeed financial services. Every industry seems to be moving that way, accelerated by the Covid-19 pandemic and ensuing lockdown. People want access to services and products with the minimal amount of fuss, effort and travel on their part. Online shopping has never been more popular, delivery firms have never employed more drivers while beauticians and hairdressers are seeing home appointments become much more regular if not even the norm.

Convenience is something all businesses are going to have to offer. Simply put, the days of people waiting in long lines at their local high street shop, when they could order the same item online, are gone. Our opinion here at Edinburgh Asset Finance is that financial services are the same. We aim to offer convenience to the client. We aim to make it as easy as possible for them to deal with us. All while operating within our FCA license and upholding the high standards of service we are so proud to offer.

In terms of what the future for the high street looks like – it will depend hugely on how well they adapt. More specifically for pawn broking, we would expect to see high street pawnbrokers survive, but mainly those that belong to large chains, and can operate on mass volume. However, this will likely be – in our opinion – at the end of the market with lower value assets. Those with slightly more valuable assets looking to raise more capital against them are likely to opt for the convenience, confidentiality and discretion that Edinburgh Asset Finance can offer.