A footwear lace retainer includes a first fabric sheet having a pair of spaced-apart openings for passage of the lace therethrough and a second fabric sheet secured to the first fabric sheet to form a pocket sized and shaped for receiving ends of the lace therein and having an open end facing toward the openings. A portion of the first fabric sheet forms a closure selectively foldable between a closing position wherein the open end of the pocket is closed and an opening position wherein the open end of the pocket is open. The openings are located between a fold line of the first fabric sheet and the open end of the pocket. A hook and loop fastener releasably secures the closure in the closing position. An attachment on the first fabric sheet opposite the pocket secures the first fabric sheet to the lace.