The American Council on Exercise finds shape-up shoes aren't miraculous — and could harm. "There is simply no evidence to support claims that these shoes will help wearers exercise more intensely, burn more calories or improve muscle strength and tone."
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I have a pair that I use for my evening walks - it's dark so no one can see me wearing the ugly-ass things. I bought them in the hope that they would help me rehab an old ankle injury that just would not completely go away, and they did just that.