Silver and gold, stocks and bonds, are all tried-and-true investments. But Nico Giannilli of Unity is betting his financial success on another hot commodity — sneakers.
Not the worn-down, smelly footwear you schlep around in, but the pricey, celebrity-endorsed kicks that go for big bucks.
Giannilli, 24, has been amassing his collection of high-dollar, specialty sneakers since high school, and now he’s offering it to the public in a new Greensburg store with “an old-school hip hop vibe.”
Neecs Sneaks opened Dec. 2 in the former location of Dominic’s Sports at 204 Arch Ave.
“I’ve been absolutely obsessed with shoes since I was a freshman in high school,” he said. “I wasn’t a drinker, I wasn’t a partier, I just bought shoes.
“It’s a pop-culture thing — celebrities looking fresh, looking good. Having a pair of new shoes is the best feeling in the world.”
Giannilli is definitely onto something.
Not only do a cool pair of kicks give the wearer a certain social status, they actually have been defined as an emerging alternative asset — an investment option outside of traditional categories like stocks and bonds, and including items such as artwork and jewelry.
In 2019, Cowen Equity Research put the total global sneaker market at about $100 billion. In the United States, the market for new sneakers was worth more than $21 billion, with the resale market at $2 billion of that.
Familiar name
Within two years of starting to collect, Giannilli had about 800 pairs of shoes, bought at sneaker releases at stores, online and eventually through wholesalers. About 20% of his inventory will be on hand at the store, with shoes to be rotated seasonally.
If his last name is familiar, it’s because he’s a member of the local Giannilli restaurateur family. Before opening the shoe store, he worked in the family business.
“Any time I got a paycheck, I’d go buy shoes. My money went to gas, food and shoes,” he said. “I always buy the retro Jordans and stuff like that. They’re a good investment.”
From Asics to Air Jordans, if it’s been spotted on a celebrity’s foot, you’ll probably find it at Neecs Sneaks.
“Travis Scott, Kanye West, what they’re wearing is what the kids want,” Giannilli said.
Prices on the lower end start around $200 and top $1,000 for high-end collectibles, which are secured in a glass display case.
If customers want a particular shoe that Giannilli doesn’t have, he says he will search it out for them. He also will offer store credit to customers wanting to trade in a desirable pair of sneakers.
Neecs Sneaks also offers vintage T-shirts, athletic wear and sportswear from labels including Polo and Tommy Hilfiger.
Dreaming big
Opening a business in Greensburg in the midst of a pandemic is a risk, Giannilli admitted, but he said he saw a number of factors working in his favor.
First is the location on the corner of a busy intersection and the building’s history of housing another sports merchandise store.
Second is the opportunity to offer something that no one else in town has.
“The market is here. There are a lot of kids around,” he said. “There’s nothing like this in Greensburg, and the people wanna be cool. They wanna be different. I can give them that.”
Third is the timing, pandemic notwithstanding.
“It was a big concern of mine, but people are always going to buy shoes, and the sneaker market is just crazy right now,” Giannilli said. “The holidays are coming up, and a lot of moms and dads are coming in, looking for gifts for their kids.”
A Cowen analyst recently told Yahoo Finance the sneaker resale market actually has accelerated during the pandemic.
“I don’t think it’s a fad. I think, when you’re talking to price points that these things are going for, this isn’t a fad,” analyst John Kernan said. “Fads are cheap fashion-driven or trend-driven things. Fads aren’t $500 items.”
With business booming, Giannilli is dreaming big.
“My ultimate goal,” he said, “is to be like Zappos,” the online shoe and clothing retailer that sold to Amazon in 2009 for $807 million.
Neecs Sneaks is open from 11 a.m. to 6 p.m. daily except Sunday. A website is under construction, Giannilli said, but customers can reach him at 724-961-5345 or check NeecsSneaks on Instagram for information and updates.
