Eighties design will come back at some point, and I bet objects like this will become hot commodities. Here’s Swiss designer Hanspeter Wiedmann’s design for a hideaway shoe storage rack, circa 1984:
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This is obviously not meant to sit at floor level. The photos below show it mounted at the proper height.
You have to love the postmodern design movement, where you could do things like put an exposed spring on the bottom of an object and no one would bat an eye.
It appears that the unit, which is made of galvanized steel, is still in production (or at least still in the catalog) of Swiss manufacturer Lehni.