Fleet Feet vs Red Wing Shoes
Fleet Feet vs Red Wing Shoes: Fleet Feet costs $229K to $545K to open; Red Wing Shoes costs $50K to $345K. Fleet Feet has 275 units, Red Wing Shoes has 14. SBA loan history: Fleet Feet = 102 loans (3.9% default); Red Wing Shoes = 17 loans (5.9% default). The franchise with more SBA funded units, a lower SBA default rate, and a lower royalty load is the safer financing bet; see the comparison below.
Fleet Feet vs Red Wing Shoes: Capital, Scale & Lending Analysis
Analysis based on FDD filings and SBA 7(a) loan level data. Each pairing reflects a unique combination of capital intensity, system scale, and financing path.
Capital Intensity
Red Wing Shoes requires the lower minimum capital commitment ($50K vs $229K for Fleet Feet), a 357% spread. Initial franchise fees come in at $45K for Fleet Feet versus $50K for Red Wing Shoes, Fleet Feet has the lower entry fee.
System Scale & Tenure
On scale, Fleet Feet operates 275 units to Red Wing Shoes's 14, roughly 20× the system size. Red Wing Shoes has been operating 121 years (founded 1905) versus 50 for Fleet Feet (founded 1976), a 71-year tenure gap that affects unit-economics maturity and FDD revision history.
SBA Lending Profile
Fleet Feet has the deeper SBA lending track record, with 102 7(a) approvals compared with 17 for Red Wing Shoes. Fleet Feet's peak SBA year was 2014 (11 loans); Red Wing Shoes's peak was 2016 (7 loans). Red Wing Shoes's more recent peak generally indicates fresher lender appetite. Fleet Feet has the most SBA funded units in CA, with 10. Red Wing Shoes leads in WI, with 4. Borrowers should pick the brand whose strongest SBA state matches their own state for warmer lender introductions. Average SBA loan size on funded Fleet Feet deals is $302K vs $169K for Red Wing Shoes, useful as a sizing anchor when modeling your own unit.
Risk Signal
SBA default rates are 3.9% for Fleet Feet and 5.9% for Red Wing Shoes, Fleet Feet has the cleaner SBA loss record by 2.0 points. PeerSense FPI scores come in at 67 (Strong) for Fleet Feet and 41 (Fair) for Red Wing Shoes, giving Fleet Feet the stronger composite signal across SBA performance, lender appetite, and operational consistency.
Health & Performance
FPI Score | 67/100 | 41/100 |
Health Tier | Strong | Fair |
Confidence | N/A | N/A |
Lending Trend | Declining | Declining |
SBA Lending
SBA Loans | 102 | 17 |
SBA Volume | – | – |
Default Rate | 3.9% | 5.9% |
Peer Tier | major | growing |
Investment & Costs
Total Investment | $229K to $545K | $50K to $345K |
Franchise Fee | $45K | $50K |
Royalty Rate | 4% | N/A |
Ad Fund | 0.25% | N/A |
Liquid Capital | $80K | N/A |
Net Worth Required | N/A | N/A |
Financial Performance (Item 19)
Item 19 Status | Disclosed | Not Disclosed |
System Size & Operations
Total Units | 275 | 14 |
Franchised Units | 192 | 14 |
Company Owned | 83 | – |
Term Length | 20 yrs | N/A |
Brand Information
Year Founded | 1976 | 1905 |
Franchising Since | 2002 | N/A |
Years Franchising | 24 yrs | N/A |
Headquarters | APTOS, CA | KENOSHA, WI |
Category | Shoe Stores | Shoe Stores |
Website | ||
FDD Year | 2025 | N/A |
Which Is Better, Fleet Feet or Red Wing Shoes?
Lower upfront capital required
Tie
Fleet Feet: $229K starting · Red Wing Shoes: $50K starting
More SBA lender confidence
Fleet Feet
Fleet Feet: 102 SBA loans · Red Wing Shoes: 17 SBA loans
Lower SBA default rate
Fleet Feet
Fleet Feet: 3.9% · Red Wing Shoes: 5.9%
Larger system & brand presence
Tie
Fleet Feet: 275 units · Red Wing Shoes: 14 units
Lower ongoing royalty load
Red Wing Shoes
Fleet Feet: 4% · Red Wing Shoes: 0%
More lender financing options
Fleet Feet
Fleet Feet: 49 unique lenders · Red Wing Shoes: 13 unique lenders
Decision matrix uses publicly disclosed FDD and SBA loan data. Not a recommendation. Your best franchise depends on capital, market, operating capacity, and risk tolerance.
Need Funding for Fleet Feet or Red Wing Shoes?
PeerSense connects you with 500+ SBA lenders and capital sources. Our referral fee is established upfront and paid at closing.
SBA Lenders & Capital Sources
Retainers or Consulting Fees
10% Down Franchise Loans
About These Franchises
Fleet Feet vs Red Wing Shoes: Franchise Funding Comparison
Comparing Fleet Feet and Red Wing Shoes is about more than brand preference. It's about which franchise fits your financial profile and funding strategy. Investment ranges from $50K to $545K.
Fleet Feet has 102 SBA loans on record and Red Wing Shoes has 17. Those totals are cumulative history rather than a measure of current appetite. Recent lending activity is trending down for at least one of these brands, so current lender appetite has to be checked deal by deal rather than assumed from the totals.
SBA 7(a) loans are the most common franchise funding vehicle, offering up to $5M with as little as 10% down. PeerSense connects franchise buyers with the specific lenders who have approved loans for these brands, not generic referrals, but lenders with actual franchise lending track records.
Data sourced from SBA loan records, Franchise Disclosure Documents, and public filings. Updated regularly. Not financial advice, consult with a lending professional before making investment decisions.
Fleet Feet vs Red Wing Shoes, Frequently Asked Questions
Which is a better franchise investment, Fleet Feet or Red Wing Shoes?
How much does a Fleet Feet franchise cost compared to Red Wing Shoes?
Can I finance Fleet Feet or Red Wing Shoes with an SBA loan?
Which has a lower SBA default rate, Fleet Feet or Red Wing Shoes?
Talk to PeerSense
Tell us which brand and your budget. We source capital from lenders who have already funded deals in these systems.
Franchise / SBA 7(a): The desk will reach out. No obligation.
Page Review
Reviewed by Edward L. Freeman, Founder and Managing Director, PeerSense
- PeerSense is a capital advisory firm that places commercial financing with direct capital sources; the capital source sets final terms.
- Edward L. Freeman founded PeerSense in January 2020.
- He is a Registered Franchise Consultant with Business Alliance, Inc., a credential issued in March 2022, and worked as a franchise consultant there from March 2022 to May 2023.
- His recorded experience includes a $22 million SBA construction loan, with about $16 million funded on the deal.
- In the 12 months through September 30, 2026, PeerSense tracked 912 publicly announced financings with a disclosed size of $361.32 billion. PeerSense Capital Data Report · Methodology page
Last reviewed LinkedIn profileAbout Edward Freeman