The invention is an article of footwear that includes a retainer for securing end portions of the laces and limiting superfluous lace movement. The retainer is a strip of elastic material that is positioned on an upper of the footwear and secured in first and second locations, thereby leaving an unsecured area between the first and second locations. The end portions of the lace may be placed under the unsecured area to restrain movement of the end portions. The retainer may be utilized with a mechanical fastener, rather than a conventional knot, to preserve the selected tension in the laces.