Third Pawn Shop To Open in E.P.

East Providence is getting a third pawn shop.

The City Council gave its approval last Tuesday night, Oct. 16, for the Gold Loan Company at 329 Warren Ave.

According to owner Rocky Baldelli, the store should open by Thanksgiving: "That’s if everything falls in line by that date."

Baldelli, father to former major leaguer Rocco Baldelli, owns five other Gold Loan shops in Rhode Island -- three in Woonsocket, one in Cumberland, and one in Providence. In addition to the East Providence location, he's opening up a store in Warwick.

Baldelli said he's coming to East Providence because a friend suggested it.

"'I have a great location for you,' he told me. I took a look at it and decided to give it a shot."

It's a funny time for pawn shops, Baldelli said, with the extremely high cost of gold, the tough economy, and cable tv hit, Pawn Stars.

While more people than ever are interested in selling gold, the competition has gotten brutal, he said. In the old days, no jewelry store bought gold or jewelry – they sold. Nowadays, everyone buys gold. 

When it comes to pawning, Baldelli said, "You’re not trying to make money off of people struggling." 

He said The Gold Loan strives for repeat customers. "You want a good redemption rate." Baldelli said 80 percent of Gold Loan pawn customers redeem their items. 

"The key to the business is making sure you keep your customer base," he said.

As for his son Rocco – he's in Rhode Island, his dad said. But don't expect to see him behind the counter.