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| Payless Pushing “The Amp” To Gear Editors |
N.Y.-based NPD Group said that “sales of sneakers under $50 made up more than half of the U.S. market in the 12 months that ended in August, with sales up 8.7% from two years earlier,” according to Stephanie Kang of the WALL STREET JOURNAL. Sales of shoes that cost over $90 “made up just 8% of the market, though sales have grown at a faster clip, up 24%.” Today, “some companies at the low end aspire to compete on more than price.” Payless ShoeSource last month unveiled “The Amp,” a $35 running shoe for which the company “bought advertising in Runner’s World magazine and pitched the shoe to gear editors there, in hopes that it might make one of the magazine’s coveted shoe-guide issues.” Payless CEO Matthew Rubel indicated that “initial sales have exceeded expectations.” Also, Steve & Barry’s Chief Partnership Officer Howard Schacter indicated that the chain’s 150 locations sold more of the $15 Starbury One, the signature shoe of Knicks G Stephon Marbury, “in the first three days of the launch than the company’s total footwear sales for the previous three months.” But some sneaker experts “contend that pricey shoes do offer benefits.” Sole Collector sneaker reviewer Ernest Kim said that “higher-price shoes from basketball and running brands tend to last longer and often feature lighter materials.” Kim added that the “range of products that expensive brands offer” is “even more compelling” (
WALL STREET JOURNAL, 10/19).
