The retailer cites slowing demand for affordable shoes amid $121 billion US footwear market shifts toward higher-priced brands.
Caleres, owner of Famous Footwear and Sam Edelman, is closing 82 stores as consumers prioritize premium brands over mall-based impulse buys. The move reflects broader industry pressure from tariffs, inflation, and changing preferences, with Americans spending $121 billion on footwear last year.
The shift aligns with trends highlighted in McKinsey’s *State of Fashion 2026* report, which notes tariffs have disrupted supply chains. Per capita, US consumers imported six pairs of shoes in 2023, yet demand for affordable options is declining as buyers focus on well-being and longevity.
Other retailers, including Genesco, have also reduced store counts, signaling a structural change in footwear retail. The closures underscore the challenge for legacy brands adapting to evolving consumer behavior.