This is a tragedy for all shoe addicts...
From WSJ May 13 2008:
Pain at the Other Pump: Shoe Prices Rise .The hottest trend in footwear this season? Inflation.
"After a decade of declining prices, footwear makers at all levels are raising prices. The mass-market Payless, a unit of Collective Brands Inc., recently increased prices on shoes in stores, though it won't say by how much. Brown Shoe Co., which makes Via Spiga and Buster Brown footwear and hasn't altered prices in years, plans an increase of 5% to 12% for fall. And the Nine West shoe label plans to boost prices on some styles by 15% next year.
Brown Shoe Co.
Footwear makers at all levels are raising shoe prices.
The moves reflect higher costs in China, which makes about 85% of shoes sold in the U.S., as well as higher fuel costs and the weak U.S. dollar. And they could presage price increases of other goods soon: Handbags, belts and other leather accessories are made in the same region in China.
The shoe price increases follow 10 years in which U.S. footwear prices fell 4.3%, according to the U.S. Bureau of Labor Statistics. A key reason for the decline was that makers moved production to low-cost locales such as China and passed along some of the savings to consumers.
For retailers already struggling with a downturn in consumer spending, the higher costs couldn't come at a worse time. They fear the price increases will further damp shopping, forcing them to eventually slash prices to move merchandise and hurting their profit margins in the process. Nannette Kiefer, a 45-year-old homemaker in West Palm Beach, Fla., says she will take more time to find bargains if stores suddenly begin charging $120 for two pairs of shoes that she used to get for $100."