Before there was Payless Shoes the company was known as Pay-less National. This footwear retailer was founded in Topeka, Kansas in 1956 by 2 cousins. Louis and Shaol Pozel. These gentlemen wanted to produce shoes that were affordable for everyone.
The cousin's sold the company to Collective Brands who became the parent company. In 1961 the company went public. The corporation is the largest footwear retailer in the United States. The company's revenue for 2011 was 3.4 Billion dollars.
The success of this brand is based on offering a large selection of shoes at a low price. Most of the shoes sell for $15. The shoes are inexpensive considering today's prices, but not cheap looking. The pricing of their shoes has been able to remain affordable due to the the company sticking to exclusively to the self-service format.
When you walk into a shoe store that has no sales associates to help you with sizes, colors, or heels heights then you can expect to find the best pricing in shoes.
It is a sort of trade off. With no sales help you can have a better savings on footwear. The customer has to look, find and pick the shoes of their choice. It is all about the self-service environment.
The target customer is women between the ages of 18 to 44 with a household income below $75,000. The store carries shoes for the entire family.
The store is geared toward women who work, may or may not have a family, but are looking for a quality shoe at a reasonable price. In May of 2012 the company was purchased by Wolverine Worldwide, Blum Capital and Golden Gate Capital for 1.32 billion dollars.
Shoes should have functionality, great fit, wonderful colors and the best prices. The thing about shoes that makes women and some men have a love affair with is that there is so many to choose from. When you can offer a sturdy functional shoe with a fashionable stylish design at a price that fits most budgets then you are walking through the doors of Payless.