Well, yes and no.
Good shoes do make a difference in any activity.
But beyond that, exercise walkers need only comfortable, lightweight, low-heeled shoes for normal terrain. That covers a wide range of shoes at most every price points. On the other hand, one walker surveyed for this column said he has found decidedly unfashionable hiking boots to be the best for his program of hoofing it 20 minutes on each leg of his work commute. Other walkers report the new line of walking shoes that come in dress-shoe varieties are ideal for fitting some exercise into the day. Studies have shown that long-term exposure to vibrations reduces blood circulation and reduces the speed of nerve impulses to muscles.