Detroit boasts world’s 1st sneaker exchange

Detroit remains synonymous with cars, but ‘Motor City’ is also home to a virtual marketplace for a much smaller consumer item: sneakers.

Located on the 10th floor of an ultramodern building in downtown Detroit and backed by investors that include the rapper Eminem and actor Mark Wahlberg, Stockx is an exchange to buy and sell athletic shoes, including limited-editions or collector’s items.

As with other trading floors, prices on the world’s first sneaker exchange fluctuate based on consumer perceptions, and can sell for hundreds or thousands of dollars.

Instead of poring over the utterances of central bankers, participants on Stockx -which has expanded into handbags, watches and streetwear -- monitor Instagram to see what Hermes bag Kim Kardashian is carrying or what is on Kanye West’s feet.

The market’s main floor has a display of Air Jordans and shoes by Nike, Adidas and other brands in a variety of colors. All have been verified by the exchange for authenticity.

A few feet away, a team of young women inspect handbags by Chanel, Louis Vuitton and Hermes.

“Stockx is a stock market of things,” said founder and chief executive Josh Luber.

“We just connect buyers and sellers but the method by how we connect buyers and sellers is exactly the same way that the world’s stock markets connect buyers and sellers.”

Not unlike Nasdaq, the electronic exchange located at Times Square in Manhattan, Stockx has a scrolling display that updates prices with each new transaction.