Economic Downturn and Consumer Spending: Reduced discretionary income for consumers due to economic recession or inflation could lead to decreased sales of footwear and accessories, negatively impacting revenue and profitability for Caleres.

Intense Competition and Market Saturation: The footwear market is highly competitive with numerous national and international brands, private labels, and various retail channels, making it challenging for Caleres to maintain market share and pricing power.

Fashion Trends and Brand Relevance: Failure to accurately anticipate and respond to rapidly changing fashion trends, consumer preferences, or to maintain the relevance and appeal of its portfolio of brands (e.g., Famous Footwear, Sam Edelman, Allen Edmonds) could result in declining sales and increased inventory write-downs.