COLUMBUS, Ohio, May 19, 2011 /PRNewswire/ — Retail Ventures, Inc. (NYSE: RVI) (the “Company”) announced today that its shareholders approved the proposal presented to them at a special meeting of RVI shareholders to adopt the merger agreement with DSW Inc. (“DSW”) and a wholly owned subsidiary of DSW and to approve the merger. In addition, the deadline for Company shareholders to submit an election to receive DSW class B common shares in the merger was today at 5:00 p.m., Eastern time. Company shareholders who want to receive only DSW class A common shares in the merger did not need to complete or return an election form. The preliminary results of the election indicate that holders of 26,454,042 Retail Ventures common shares have elected to receive DSW class B common shares in the merger (and holders of the remaining 24,267,473 Retail Ventures common shares will receive DSW class A common shares). The merger is expected to become effective on May 26, 2011.

The holders of DSW class A common shares and DSW class B common shares have identical rights except that holders of DSW class A common shares are entitled to one vote per share on all matters to be voted on by the DSW shareholders, while holders of DSW class B common shares are entitled to eight votes per share on all matters to be voted on by the DSW shareholders. The DSW class A common shares are registered under the Securities Exchange Act of 1934 and are listed on the New York Stock Exchange, but the DSW class B common shares are not.

About Retail Ventures, Inc.

Retail Ventures, Inc. is a leading off-price retailer operating as of May 2, 2011, 318 DSW shoe stores in 39 states and an e-commerce site, www.dsw.com. DSW also supplied footwear to 352 leased locations in the United States.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that could cause our future financial performance in fiscal 2011 and beyond to differ materially from those expressed or implied in any such forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors” section of the Company’s latest quarterly or annual report, as filed with the SEC. These factors include, but are not limited to: the anticipated benefits of the proposed merger with DSW taking longer to realize or not being achieved in their entirety; the proposed merger with DSW being more expensive to complete than anticipated, including as a result of unexpected factors or events; the possibility of adverse publicity or litigation related to the proposed merger with DSW, including an adverse outcome thereof and the costs and expenses associated therewith; the risk that the proposed merger with DSW will not close, will be delayed or not close when expected; our ability to manage and enhance liquidity; fluctuations in the trading price and volume of Retail Ventures and DSW common shares; we are controlled by Schottenstein Stores Corporation and its affiliates who may compete directly against us and whose interests may differ from our other shareholders; DSW’s success in opening and operating new stores on a timely and profitable basis; continuation of DSW’s supply agreements and the financial condition of its leased business partners; DSW maintaining good relationships with its vendors; DSW’s ability to anticipate and respond to fashion trends; fluctuation of DSW’s comparable sales and quarterly financial performance; the realization of our bankruptcy claims related to liquidating Filene’s Basement and Value City; RVI’s reliance on a credit facility from SEI, Inc. to pay ongoing expenses, indebtedness and intercompany service obligations; the risk of liquidating Filene’s Basement not paying us or their creditors, for which Retail Ventures may have some liability; the risk of new Filene’s Basement not paying obligations related to the assets it has assumed from liquidating Filene’s Basement if such obligations are subject to ongoing guarantee by us; the impact of Value City and Filene’s Basement on our liquidity; disruption of DSW’s distribution and fulfillment operations; our dependence on DSW for key services; failure to retain DSW’s or our key executives or attract qualified new personnel; DSW’s competitiveness with respect to style, price, brand availability and customer service; DSW’s reliance on “DSW Rewards” program to drive traffic, sales and loyalty; uncertain general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; lease of an office facility; risks related to our cash and investments; and risks related to our Premium Income Exchangeable Securities. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company’s latest annual or quarterly report, as filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.

SOURCE Retail Ventures, Inc.