A shoe configured to adjust from a first configuration having a first height to a second configuration having a second height includes a sole. Sole includes a toebox, a shank, and a seat. The shank is rotatably connected to the toebox and the seat. The shoe also includes a heel assembly mounted to the seat. The heel assembly includes a collapsible exterior shell that adjusts the shoe between the first configuration and the second configuration, the first height of the first configuration being greater than the second height of the second configuration.