How Hurricane Milton Impacted Shoe Stores

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Shoe retailers in Florida are assessing the damage from the most recent storm and we have the latest shoe inflation numbers. Plus, StockX hires a new chief marketing officer.

Here's what you need to know.

Foot Locker, DSW, Rack Room and More Assess the Impact of Hurricane Milton

Hurricane Milton made its exit from the Florida panhandle with less damage than initially expected. Still, shoe retailers in the state took caution and readied their stores and employees for the worst case scenario.

The storm, which included several tornadoes, killed at least five people and left 3 million without power, according to a report from the AP. The category 3, which hurricane blew the roof off of a baseball stadium, weakened as it crossed the state.

As of Thursday, several shoe retailers with locations in Florida said they were still assessing the damage, with some keeping their stores closed.

Foot Locker, which recently announced that it would move its global headquarters to St. Petersburg, Fla. in 2025 while maintaining a smaller presence in its current New York City office, told FN in that it “made the important decision to shut down all corporate operations in St. Pete this week and advised all employees to take the time they need to prepare themselves, families and loved ones for Hurricane Milton.” Many Foot Locker employees are already based in St. Petersburg, Fla.

Rack Room Shoes said that 44 of its stores (mainly located in Florida) had been closed due to Hurricane Milton as of yesterday, following 28 stores closures across North Carolina, South Carolina, Georgia and Florida due to the impact of Hurricane Helene late last month. In both cases, Rack Room continued to pay employees based on their schedules and ensured that teams were safe.

Read more about the impact the storm had on Florida shoe retail, here.

Shoe Prices Expected to End 2024 Higher for the Fourth Straight Year, FDRA Says

Shoe prices were mostly flat in September from a year ago, but the category is expected to see an overall rise by the end of 2024 for the fourth straight year, according to the latest data from the Footwear Distributors and Retailers of America (FDRA).

Last month, retail footwear prices slowed in step with moderating inflation. According to the FDRA, little change came in September, as higher prices for men’s footwear, up 2.9 percent, offset lower prices for women’s shoes, down 2.2 percent, and children’s footwear, down 0.3 percent. September was the seventh straight month that kids’ footwear saw a drop in prices, the FDRA said.

“The modest change in footwear prices comes as little surprise, as growth rates in supply and demand are comparable,” Gary Raines, chief economist at FDRA, told FN. “That is, the value of imports of footwear—a proxy for supply—rose a scant 0.8 percent year-over-year in August and is up 1.0 percent year-to-date, while footwear spending rose a similar 0.7 percent year-over-year in August and is up 1.3 percent year-to-date. With imports and demand growing at comparable rates, prices similarly are little changed.”

Raines added that the FDRA is expecting another year of overall price increases. “At this late point on the calendar, we can say with increasing certainty that retail footwear prices will climb for the fourth straight year, with rising prices for menswear offsetting lower prices for children’s footwear,” he said.

StockX Hires Nick Karrat as Its Next Chief Marketing Officer

StockX has hired Nick Karrat as its next chief marketing officer.

In a statement, StockX stated Karrat will be tasked with overseeing?brand marketing, integrated marketing, performance marketing, creative and product marketing across the globe,?and will drive its overarching consumer-facing strategy.

Karrat will start on Oct. 21 and report directly to StockX co-founder, president and chief operating officer Greg Schwartz.

“Nick’s experience leading high-performing marketing teams in the e-commerce landscape makes him a valuable asset to our business,” said Schwartz. “His vision aligns perfectly with our goals, and his leadership will be instrumental in navigating the next phase of our growth. Together, we look forward to creating meaningful brand connections with the millions of customers StockX serves around the world.”

Most recently, Karrat was the chief marketing officer at lifestyle clothing brand Tommy John. His marketing career also includes stops at Boll & Branch and Plated.

Need more shoe news?

• Proenza Schouler Appoints Shira Suveyke Snyder as Chief Executive Officer
• Saks Highlights Achievements in Advancing Mental Health as a Priority
• LA’s Largest Footwear Factory Reveals Strategic Partnership With 3D-Printing Innovator
• The Nike Sneakers That Got Rafael Nadal Through His Tennis Career

Got a tip? Send us a confidential note here.

Want more? Sign up here to receive FN's daily newsletter directly in your inbox.