Shoe Pinch

"The price the consumer is asked to pay for shoes is high—very high; the immediate outlook is that it will be higher." So said Edward C. Orr, president of the National Shoe Retailers Association, at the opening of the National Shoe Fair in Chicago last week. By the time the four-day fair ended, his gloomy prediction was on the way to coming true. Most of the 600-odd manufacturers who attended held out for price increases ranging from 10% to 15%. As a result, purchases by some 12,000 buyers were considerably smaller in physical volume, though not in dollar value. This...

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