Prices of shoes continue to climb, but with inflation concerns impacting the entire retail landscape, Keen is taking a different approach.
The Portland, Ore.-based brand has lowered the prices on almost all its shoes that are available through both its partners and its website. The reduction was announced by Keen via its website late last week. In an email to FN, Keen said with the supply chain stabilizing in the U.S. that it was able to “pass along the savings” and drive down prices for its consumers.
Speaking with CNN, Keen president John Evons said the brand is reducing prices by 5 percent cross the board. “We believe we are doing the right thing to help people in this inflationary environment. We want people to continue to enjoy the outdoors and be able to go to work with safe shoes,” Evons told CNN.
This pricing decrease, Keen explained via email to FN, is not only a response to today’s market conditions, but was also done because it owns 40 percent of its supply chain, including sourcing, factories and distribution centers. Because of its system, which Keen described as efficient and agile, it has “the opportunity to consider its fans at every stage of the shoe making process, not only delivering on quality, performance and durability, but also price and exceptional value.”
According to the latest Consumer Price Index released by the U.S. Bureau of Labor Statistics on May 10, retail footwear prices increased 0.7 percent in April from the same time last year, which is the 25th consecutive month of increases. This, however, is just the fifth straight month of a 1 percent increase or less.
Last month, the Footwear Distributors and Retailers of America confirmed footwear prices are up 0.5 percent year to date.
