Athletic Footwear Industry

Athletic Footwear Athletic Footwear Industry AnalysisIndustry Analysis

Angela GierasJeremy KingTara McNeillTom Parrish

January 17, 2003

BackgroundBackground• Athletic footwear was first developed by the ancient Greeks

in order to provide protection when moving over rough terrain in varying weather conditions.

• The modern athletic shoe was developed in eighteenth century England as a result of an increasing interest in the sport of running and other outdoor activities.

• Joseph William Foster founded the first large-scale sports shoe company in Boulton, UK in the 1890’s. During this period, other sport shoes could be found in mail order catalogues, such as Sears and Montgomery Ward’s.

• In 1917, the Converse and Keds corporations entered the American athletic shoe market.

• In 1958, Joseph William Foster’s grandson renamed his grandfather’s company Reebok .

• Athletic footwear forever changed in 1962 when Phil Knight and Bill Bowerman created "Blue Ribbon Sports," the forerunner of Nike.

Source: Digital Dissertations: Gurian, Brian. “The Impact of the Sneaker and the Sneaker Industry on Modern Society.” St. John’s University, 2002.

Size of MarketSize of Market

ATHLETIC FOOTWEAR

MARKET SIZE ESTIMATESRetail Dollars in Billions

1998 1999 2000 2001

Change

00-01

Men’s $8.470 $8.037 $8.236 $8.541 +3.7%

Women’s 3.951 4.194 4.486 4.418 -1.5%

Children’s

2.332 2.327 2.394 2.461 +2.8%

TOTAL $14.753

$14.558

$15.115

$15.420

+2.0%

Source: The NPD Group, Inc.

• In the first half of 2002, NPD Group estimates that athletic

footwear spending resulted in 1.4% year-to-year growth to

$7.40 billion from $7.29 billion in the comparable year-

earlier period. (Euromonitor)

Size of MarketSize of Market

ATHLETIC FOOTWEAR

MARKET SIZE ESTIMATESPairs Sold in Millions

1998 1999 2000 2001

Change

00-01

Men’s 155.200

161.661

170.316

175.010

+2.8%

Women’s 106.486

115.755

125.999

119.973

-4.8%

Children’s

106.508

102.986

111.676

106.961

-4.2%

TOTAL 368.194

380.402

407.990

401.943

-1.5%

Source: The NPD Group, Inc.

Expected Growth RateExpected Growth Rate

TOTAL FOOTWEAR SOLD IN THE UNITED STATES – MARKET FORECASTS

Market Size (billions of dollars)

Growth Rate

2001 $40.0 -

2002 $40.6 1.5%

2003 $41.7 2.7%

2004 $42.8 2.6%

2005 $44.0 2.8%

2006 $45.2 2.7%

Source: Euromonitor

• According to the Sporting Goods Manufacturers Association, athletic footwear accounts for almost 35% of all footwear purchases. (The NPD Group, Inc.)

Growth Rates in Growth Rates in Sports ParticipationSports Participation

Sport 2001 1996Percent Change

Skateboarding 9.6 4.7 106.3%Snowboarding 5.3 3.1 72.4%Backpack/Wilderness Camping 14.5 11.5 26.5%Golf 26.6 23.1 15.4%Running/Jogging 24.5 22.2 10.3%

Volleyball 12 18.5 -35.1%Ice/Figure Skating 5.3 8.4 -36.0%Racquetball 3.4 5.3 -36.1%Step Aerobics 5.7 11.3 -49.1%Roller Skating (2x2) 7.7 15.1 -49.4%

2001 SPORTS PARTICIPATION - 2001 vs. 1996

Participated more than once (in millions)Seven (7) years of age and older

SPORTS WITH THE GREATEST POSITIVE AND NEGATIVE CHANGE

Source: National Sporting Goods Association

Market Sales - SeasonalityMarket Sales - Seasonality

• The US market for footwear is seasonal in nature due to consumer spending patterns, with higher back to school, Christmas, and Easter holiday seasonal sales.

Source: Euromonitor and The NPD Group, Inc.

SALES BY QUARTER

Dollars in Billions1 2 3 4

1999 $3.209 $3.663 $4.015 $3.671

2000 3.453 3.307 4.057 4.299

2001 3.882 3.474 3.996 4.068

Change

00-01

+12.4% +5.1% -1.5% -5.4%

Market SalesMarket Sales

• In 2001, NPD estimates that spending for athletic footwear

rose 2% to $15.42 billion, from $15.12 billion in 2000.

• Consumers purchased 401.9 million pairs of athletic shoes,

down 1.5% from 408.0 million pairs in 2000.

• The average price paid per pair rose 3.5%, to $38.36, from

$37.05 in 2000; however, this was still well below the

$40.07 paid in 1998.

• Running shoes captured the biggest share of consumer

spending, with 29.0% of the total market. Sales of running

shoes rose 3.8% to $4.55 billion, from $4.38 billion in 2000.

Source: Standard & Poor’s Net Advantage

Baby Boomer Generation

• Born 1946-1964• 77 million Americans• Healthcare, leisure, retirement compete for fashion dollars• Fashion spending is waning, but still spend the most • Conservative, large sizes appeal to this group

Generation X

• Born 1965-1976• Are typically marketed to in a similar fashion as Generation

Y’s• Marketing focus may be lost between Baby Boomers and

Generation Y

Consumer DemographicsConsumer Demographics


Consumer DemographicsConsumer Demographics

Generation Y

• Born 1977-1994• 75 million Americans (25% of population)• Focus of marketing in recent years• Teen girls spend 75% of earnings on clothing and

accessories• Comparatively, teen boys spend 52% • Loyal to footwear and apparel name brands• Generally support smaller footwear companies in tune with

fashions• Comprised one-quarter of all athletic footwear spending • Advertisers attempt to reach more through non-traditional

mediums (i.e. Internet)


Athletic Footwear Purchases by AgeAthletic Footwear Purchases by Age

2001 US Population 2001 2000 1999 1998

Under 14 19.8% 26.6% 28.1% 30.7% 28.6%14-17 5.7% 8.4% 8.8% 9.5% 8.4%18-24 9.7% 6.1% 5.5% 5.5% 5.9%25-34 13.5% 11.7% 12.7% 12.0% 13.8%35-44 16.2% 14.6% 14.6% 15.1% 15.3%45-64 22.4% 23.2% 22.4% 19.7% 20.4%65 & Older 12.7% 9.4% 7.8% 7.5% 7.6%

ATHLETIC FOOTWEAR PURCHASES BY AGE


Market SegmentsMarket Segments

Sample Market Segment

Percent Purchasing

Athletic Shoes

Female Clerical/Sales 21.5%

Female Executive 22.9%

Female Crafts/Repairs 30.6%

Female Professional 26.6%

Male Clerical/Sales 22.0%

Male Executive 25.0%

Male Crafts/Repairs 18.4%

Male Professional 22.6%

Men 20.0%

Women 19.2%

Source:Euromonitor

Product SegmentsProduct Segments

Retail Sales in $ Billions

1999 2000 2001 Change00-01

Running $4.076

$4.383

$4.549

+ 3.8%

Basketball 2.606 2.524 2.822 +11.8%Cross training 2.126 2.282 2.220 - 2.7%Walking 1.267 1.224 1.218 - 0.5%Athleisure 1.121 .937 .971 + 3.6%Recreational

boots.466 .922 .802 -13.0%

Hiking .757 .726 .678 - 6.6%Tennis .524 .469 .571 +21.7%Sports sandals .349 .378 .355 - 6.1%Aerobic .320 .227 .216 - 4.8%Other .961 1.043 1.018 - 2.4%

Source: SGMA International

Consumer Purchasing HabitsConsumer Purchasing Habits

– Traditional

• Mall

• Retail outlets

• Shoe store

– Non-traditional

• Internet, television (i.e.

QVC, HSN, ShopNBC)

– Footwear is one of

fastest growing

categories on QVC

& HSN

– QVC and HSN reach

100 million homes

– ShopNBC reaches

52 million homes

Source: Footwear Journal USA

Consumer Purchasing HabitsConsumer Purchasing Habits

• Who?– Men spend more per pair

and buy more pairs of athletic footwear than women

– Women’s and Children’s shoe sales growing more rapidly than Men’s

– Nearly 33% of all athletic footwear spending is done by those aged 13-24

– Less than 30% of athletic shoes purchased are for use in sports or fitness activities

• How?

– Internet orders (via websites)

– Telephone orders (i.e. QVC)

– Walk-in orders (mall, outlets, etc)

Source: SGMA International & Standard & Poor’s Net Advantage

Major CompetitorsMajor Competitors• Nike- Principal business activities involve design,

development, and worldwide marketing of quality footwear, apparel, equipment, and accessory products. The largest seller of athletic footwear and athletic apparel in the world. All footwear products are produced outside the United States by independent contractors. Nike places emphasis on high quality construction and innovative design.

• Adidas- German based Adidas-Saloman is the second largest

manufacturer of athletic equipment, footwear , and apparel in the world. Adidas America oversees marketing, merchandising, distribution, and sales of Adidas products in the U.S. Their mission is to become the best sports brand in the world. Adidas believes in creating a product to perform. Form follows function.

Source: Company websites and company 10K reports,

competitor information from Standard & Poor’s

Major CompetitorsMajor Competitors• Reebok International- Global company engaged in the

design and marketing of sports and fitness products, including footwear, apparel, and accessories. They devote significant resources to advertising products to a variety of audiences through various media. Revenues are primarily driven from wholesale distribution of products to selected athletic specialty stores, high-end retail shops, as well as sporting goods and department stores.

• New Balance Athletic- A privately held company in Massachusetts, New Balance was founded as a manufacturer of arch supports and orthopedic shoes. New Balance’s mission is “to be recognized as the world’s leading manufacturer of high performance footwear and apparel.”



Major CompetitorsMajor Competitors

• Skechers U.S.A.- A newer player in the athletic footwear

market. A global leader in the lifestyle footwear industry,

Skechers designs, develops, and markets lifestyle footwear

that appeals to trend-savvy men, women, and children.

Product offerings have grown from utility-styled work boots

to include sports, casual, dress, dress casual, and roller

skates.



Best Selling Product CategoriesBest Selling Product Categories

• Nike- Running, basketball, children’s, cross-training, and

women’s shoes

• Adidas- Basketball, training, baseball, football, urban,

originals, workout, and walking

• Reebok International- Running, walking , aerobic

• New Balance Athletic- Running, walking, cross-training

• Skechers U.S.A.- Casuals, utility, steel toe

Source: Company websites and corporate 10K reports

Competitor Business StrategiesCompetitor Business Strategies

• Nike

– High quality

construction

– Innovative design

– Collection based

marketing

– Focus sales on

distributors, licensees,

and subsidiaries

• Adidas

– Form follows

function

– Marketing department

begins design process

– Greater emphasis

placed on design for

an athlete’s need

Source: Nike website and 10K and Adidas website

Competitor Business StrategiesCompetitor Business Strategies

• Reebok

– Grow sales through

distribution channels

– Focus on relationship

with major sports

figures to enhance

brand image

– Resources devoted to

advertising through

various media

• Skechers

– Fashionable footwear

– Does not concentrate

on performance

– International expansion

by leveraging domestic

brand image

– Building brand image

Source: Reebok and Skechers websites and 10K reports

Brand DevelopmentBrand Development

• According to Forrester Research, 69% of teens said that

when they find a brand they like, they remain loyal

– Firms use celebrities and athletes

• Nike: Michael Jordan and Tiger Woods

• Skechers: Brittany Spears

• Adidas: Kobe Bryant

Source: “Drivers of Change,” http://www.duke.edu/web/soc142/team2/drivers.html

2001 Competitor Ratio Analysis2001 Competitor Ratio Analysis

Ratio Nike Adidas Reebok

Profit Margin 6.7 3.41 5.21

Inventory turnover 4.29 2.74 5.01

Return on Assets 10.82 5.09 6.83

Total Debt/Equity 40.41 74.35 53.34

Current Ratio 2.26 2.07 2.88

Return on Net Worth

15.36 20.55 14.26

# of employees 22,700

13,941 6,700

Source: Bloomberg and Adidas consolidated financial statements, financial information unavailable for New Balance

2000 Market Share of 2000 Market Share of Athletic Shoe CompetitorsAthletic Shoe Competitors

Nike42%

Adidas11%

Reebok12%

New Balance10%

Other25%

Source: Market Share Reporter

Historical Government Legislation Historical Government Legislation and Trade Restrictionsand Trade Restrictions

• May 1974: Multifibre Agreement (MFA) import quotas replace the regulations under the GATT agreements as the primary regulator of footwear trade– Protects countries whose domestic industries are severely

threatened by imports• December 1993: North American Free Trade Agreement (NAFTA)

– Created the world’s largest free trade zone between the United States, Mexico, and Canada

• July 1995: The World Trade Organization created the Agreement on Textiles and Clothing (ATC) to replace the Multifibre Agreement

• May 2000: Caribbean Basin Trade Partnership Act (CBTPA) and the African Growth and Opportunity Act (AGOA), passed under the heading of the Trade and Development Act– Effective October 1, 2000, authorized for eight years– Duty-free treatment and reduced duties on footwear imports for

potentially 72 countries

Source: “The Politics of Footwear,” http://www.duke.edu/web/soc142/team2/Politics.html

Historical Government Legislation Historical Government Legislation and Trade Restrictions (cont.)and Trade Restrictions (cont.)

• April 2001: Summit of the Americas Conference in Quebec – Delegates agreed to a draft to eliminate all trade barriers

within North and South America, final text due January 2005• October 2001:Vietnam Bilateral Trade Agreement

– Established normal commercial trade relations subject to annual review by Congress

• October 2001: Bilateral Trade Agreement with the Kingdom of Jordan – Mandates that “all footwear articles must meet the basic 35%

local content origin rule”• November 2001: China enters the World Trade Organization

– China allowed to ship apparel and footwear to the U.S. under reduced tariffs

• December 2001: Congress directed attention to numerous labor issues in the footwear industry, but instituted no actions regarding sweatshop and child labor conditions


Latest Trade LegislationLatest Trade Legislation• July 2002: Trade Act of 2002

– Trade Promotion Authority (TPA) – grants the President the right to negotiate trade agreements and gives Congress the final authority to approve or disapprove those agreements

– Andean Trade Preference Act (ATPA)• Duty-free access to virtually all footwear from the Andean

region (Bolivia, Columbia, Ecuador, and Peru)– Retroactive modifications to the May 2000 Caribbean Basin

Trade Partnership Act (CBTPA) and the African Growth and Opportunity Act (AGOA)

• Expected Consequences of Latest Legislation– Increase in imports from the Caribbean basin and Andean

region, and to a lesser extent sub-Saharan Africa• Erosion of Asia’s share of U.S. imports in the short term

– Increasing amounts of footwear imports from China in the long-run

• Eventual erosion of Mexican and Caribbean share of U.S. imports due to lower labor costs in China


Labor PracticesLabor Practices• Labor practices and environmental issues in the footwear

industry have been historical issues

– Example: Nike (Historical)

• In Indonesia, production workers were paid 86 cents per hour for a 12 hour day, no overtime, no breaks

• In Vietnam, factory workers earned 20 cents per hour

• In China (where Nike has 40% of its production), workers worked 84 hours per week and earned $1.50 per shoe made

• The International Labor Office reports a recent trend in self-regulation, including “voluntary initiatives,” due to pressure from labor and special interest groups

– Footwear companies are concerned with public image and corporate citizenship


Labor Practices (cont.)Labor Practices (cont.)

• Government Actions

– President Clinton worked with UNITE to form

worldwide labor regulations for the footwear industry,

limiting the work week to 60 hours and establishing a

minimum wage


Economic FactorsEconomic Factors

• Apparel and footwear sales are driven strongly by economic

conditions, demographics, and pricing

• With expected economic recovery in 2003, footwear sales

should begin a gradual recovery

• A wave of consolidation is expected as firm’s attempt to gain

leverage in distribution channels. The slow economy has led

athletic footwear manufacturers to lay off workers, freeze

hiring, find less expensive sourcing, and cut non-fixed costs

like technology, travel, and entertainment


Benefits of Economic DownturnBenefits of Economic Downturn

• Retailer position becomes “If it isn’t moving, mark it down”

– while bad for margins, it is good for inventory

• Since 1995, the industry inventory-to-sales ratio has declined


Consumer Confidence IndexConsumer Confidence Index

• Declines in the Consumer Confidence Index tend to curtail

spending on discretionary items like apparel and footwear,

causing retailers to reduce and cancel orders

• September 11 terrorist attacks dramatically slowed consumer

spending, exacerbating the problem

– While consumer spending for athletic footwear was up

about 7% before the attacks, sales dropped more than

10% after

• In October 2002, the Consumer Confidence Index reached a

nine year low of 79.4


Consumer Confidence Index (cont.)Consumer Confidence Index (cont.)

• Consumer spending is expected to rise 3.0% for the full-year 2002 and 2.5% in 2003

• Disposable income expected to rise 5.8% in 2002 and 4.7% in 2003


Good News for Consumers, Good News for Consumers, Bad News for ManufacturersBad News for Manufacturers

• Poor economy and high competition leads to extreme price pressure, deflating prices and margins

• Consumers are more value-conscious, wanting quality at a low price – evident in the growth of mass merchant and off-price retail stores

• Discounts and bargain shopping maintained sales level, but hurt profit margins

– While spending for all men, women, and children’s athletic shoe categories increased, the pattern of buying more for less was consistent among all segments

– Years of price promotion have tarnished the image of athletic footwear

• Also contributing to price deflation have been an increase in imports and market share gains by discounters

• Despite a 6% rise in average prices for athletic shoes in 2001, which reversed the trend beginning in 1997, analysts believe the reversal is temporary


Average Price of Athletic FootwearAverage Price of Athletic Footwear2001 2000

Change 2000-2001 1996

Change 1996-2001

Aerobic Shoes $42.68 $41.25 3.5% $40.06 6.5%Baseball/Softball $40.92 $40.65 0.7% $39.41 3.8%Basketball Shoes $54.92 $57.16 -3.9% $54.01 1.7%Boat/Deck $30.09 $31.03 -3.0% $29.35 2.5%Bowling Shoes $35.94 $31.74 13.2% $36.21 -0.7%Cheerleading $36.25 $39.09 -7.3% $35.26 2.8%Cross Training Shoes $47.01 $48.27 -2.6% $48.39 -2.9%Cycling $56.96 $51.00 11.7% na naFitness $42.60 $42.99 -0.9% $40.95 4.0%Football $46.51 $47.23 -1.5% $45.88 1.4%Golf Shoes $61.86 $60.97 1.5% $53.81 15.0%Gym Shoes/Sneakers $27.57 $27.04 2.0% $24.41 12.9%Hiking Shoes/Boots $47.85 $47.54 0.7% $42.64 12.2%Hunting Boots $65.13 $64.43 1.1% $54.52 19.5%Jogging/Running $50.31 $50.36 -0.1% $45.44 10.7%Skateboard Shoes $44.60 $42.27 5.5% na naSoccer Shoes $35.35 $34.22 3.3% $33.51 5.5%Sport Sandals $24.36 $23.88 2.0% $23.33 4.4%Tennis Shoes $32.89 $33.19 -0.9% $29.15 12.8%Track Shoes $47.28 $48.68 -2.9% na naTrail Running Shoes $56.39 $57.23 -1.5% na naVolleyball Shoes $53.72 $54.67 -1.7% $46.81 14.8%Walking Shoes $42.26 $42.16 0.2% $39.66 6.6%Water Sport $14.26 $13.93 2.4% $12.03 18.5%


Options for SurvivalOptions for Survival

• There is a necessity to diversify in terms of product line,

market segment, and distribution channels

• Options

– Acquisition

• Eliminates competitors

• Expands acquirer’s top line and market share

• Example: Nike acquired surf wear manufacturer

Hurley International

– Licensing

• Offer new products while leveraging current brands

• Example: Perry Ellis International has swimwear

licenses with Nike and Reebok


Expected Change in the IndustryExpected Change in the Industry• Product diversification

– Athletic apparel viewed as the new growth component for firms

• Slower growth due to competition and price-conscious consumers

• Granting of exclusive rights to retailers by manufacturers

• Issuing limited editions of high-fashion and high-tech models

• Increased competition from the growing popularity of traditional designer shoes, which have taken on more athletic designs, and casual shoe styles

– Athletic footwear manufacturers introducing styles not meant for sports and targeting different segments (i.e. girls, women, and older casual wearers)

• Increased number of imports


Industry Trade OrganizationsIndustry Trade Organizations• Footwear Industries of America (FIA)

– National association for footwear manufacturers, importers, distributors, and suppliers to the leather and allied trades

– Represents the industry in Washington, DC• Footwear Distributors and Retailers of America (FDRA)

– Provides representation on U.S. and international government relations for U.S.-based retail chain shoe retailers and the footwear brands

• National Shoe Retailers Association (NSRA)– Founded: 1912– Trade organization representing independent shoe retailers

• Athletic Footwear Association (AFA)– Founded: 1982 – Serves an international group of athletic footwear manufacturers

and marketers– About 140 members– Part of the Sporting Goods Manufacturers Association (SGMA)

Source: “Contacts and Links,” www.infomat.com/information/research/industry/ Reports/USA_Footwear.html

SourcesSources• “An Inside Look at America’s Sneaker Biz.” SGMA International. 14

Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.• “Apparel and Footwear Industry Survey.” Standard and Poor’s Net

Advantage. 15 Jan. 2003 <http://www.netadvantage.standardandpoor.com/>.

• “Athletic Footwear.” 14 Jan. 2003 <http://www.hoovers.com/search/advanced/company/result.html>.

• “Athletic Footwear: a Mature Industry.” SGMA International. 14 Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.

• “Athletic Footwear: Adjusting to a Changing Market.” SGMA International. 14 Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.

• “Athletic Footwear Sales Climb 2% in 2001 As Customers Pay More Per Pair.” SGMA International. 14 Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.

• Adidas. “Annual Report.” 14 Jan. 2003 <http://usa.adidas.com/company>.

• Adidas. “About Adidas.” 14 Jan. 2003 <http//www.usa.adidas.com>.• Bloomberg. Financial Analysis Report. “Nike.” 15 Jan. 2003.• Bloomberg. Financial Analysis Report. “Reebok.” 15 Jan. 2003.

Sources (cont.)Sources (cont.)• Ellis, Kristi. “AAFA Joins the Call for Free Trade; The U.S. Apparel

and Footwear Trade Group Reversed Its Longstanding Support of Protective Tariffs for Footwear.” Footwear News. 24 Jun. 2002.

• Ellis, Kristi. “Lobbyists Say Trade Act Falls Short; Only Columbia, Peru, Bolivia, and Ecuador to See Footwear Duty, Quota Breaks.” Footwear News. 19 Aug. 2002.

• “Footwear in the USA.” 15 Jan. 2003 <http://www.euromonitor.com/mrm/default.asp>.

• “Footwear in the USA.” 15 Jan. 2003 <http://www.infomat.com/information/research/industry/reports/USA_footwear.html>.

• “Footwear in the USA.” Footwear Journal USA. Jul. 2002.• “Footwear Industry.” 15 Jan. 2003

<http://www.duke.edu/web/soc142/team2/>.• “Footwear Production.” US Census Bureau. 15 Jan. 2003

<http://www.iteds.treas.gov>.• Gurian, Brian. “The Impact of the Sneaker and the Sneaker Industry

on Modern Society: A Review of the Transformative Powers of an Icon.” St. John’s University. 2002. 15 Jan. 2003 <http://wwwlib.umi.com/dissertations/preview_all/3056600>.

Sources (cont.)Sources (cont.)• Howell, Mike McNulty. “Footwear Industry Weathers Economic

Storm.” Rubber & Plastics News. 7 Oct. 2002.• Lazich, Robert S. “Sports Shoe Market.” Market Share Reporter

(Detroit: Gale) 2003.• New Balance. “Fact Sheet.” 15 Jan. 2003

<http://www.newbalance.com>.• Nike. Edgar Online, Inc. “10K report for Nike.” 14 Jan. 2003.• Reebok. Edgar Online, Inc. “10K report for Reebok.” 14 Jan. 2003.• “Research and Statistics.” National Sporting Goods Association. 14

Jan. 2003 <http://www.nsga.org/public/pages/index.cfm?pageid=328>.

• Skechers. Edgar Online, Inc. “10K report for Skechers.” 14 Jan. 2003.

• Taylor, Sarah. “Phoning It In; Footwear Is Now One of the Fastest Growing Categories for Home-Shopping Networks QVC; HSN and ShopNBC; Vendors Couldn’t Be More Thrilled, but Retailers? That’s Another Story.” Footwear News. 29 Jul. 2002.

• “US Sporting Goods Market Outlook 2002.” SGMA International. 14 Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.

Sources (cont.)Sources (cont.)

• Company Websites

– www.adidas.com

– www.asics.com

– www.newbalance.com

– www.nike.com

– www.reebok.com

– www.skechers.com

Lifestyle

Athletic Footwear Industry