There's a large number of fairly mediocre shoe stores lining Colaba Causeway. For a much better selection try the stores clustered around Kemp's Corner or the huge number of shoe stalls lining Linking Rd between Bandra and Khar. You can get everything from Kolhapuri chappals and loafers to high-heeled sneakers and white steel-tipped cowboy boots.
Metro is the largest of Colaba's many shoe shops. It has a large selection of both men's and women's sandals and is marked by a life-sized mechanical female who namastes from dawn til dusk.
Rinaldi Designs is a stylish shoe store, selling designer men's and women's fashion shoes. It's definitely not the place to look for trekking boots.
Catwalk has a decent selection of fashionable Indian and imported women's shoes.