Abstract: The interchangeable upper of the disclosed footwear includes a foot covering adhesively secured to an insole molded of relatively flexible, shock-absorbent material to a desired shape, size and thickness, and having a narrow shoulder surrounding its upper surface. This insole is received in a one-piece outsole molded from a material having memory, so as to always seek to return to its original molded shape, which has a bottom corresponding in size and shape to the insole which is surrounded by an upstanding wall having a height which corresponds to the thickness of the insole and a narrow lip extending inwardly from its upper edge. During molding, the bottom may be made flat or, alternatively, the portion of the bottom from the heel to the widest part of the foot may be made flat and the portion forward thereof gently curved upwardly from the plane of the flat portion.