Brown Shoe shares rose 25% to $10.99, the company’s biggest gain since December 2008. Foot Locker shares grew 8.3% to $30.33 and Finish Line shares rose by 5%. Nike shares grew 1%, while DSW shares were up 1.2%.

According to industry experts, higher demand for lightweight shoes, running shoes, sandals and brightly coloured sneakers contributed to the rise in share prices. Technical footwear innovations are also believed to have helped drive sales.

"Footwear is a very hot category," said Brown Shoe CEO Diane Sullivan. "There’s been a lot of creativity and innovation in the category. It’s an easy way to change up your wardrobe."

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