Exhibit 99.1

Retail Ventures, Inc. Reports Third Quarter Operating Results

Columbus, Ohio, December 8, 2010 /PRNewswire/ — Retail Ventures, Inc. (NYSE: RVI) today announced its consolidated financial results for the third quarter ended October 30, 2010.

•

The income (loss) from continuing operations for the quarter ended October 30, 2010 was a profit of $7.9 million on net sales of $489.3 million, compared to a loss of $3.9 million on net sales of $444.6 million for the quarter ended October 31, 2009. DSW same store sales increased 10.1% during the third quarter versus an increase of 8.7% last year.

•

Diluted (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders was $0.11 for the quarter ended October 30, 2010 compared with diluted loss per share from continuing operations attributable to Retail Ventures, Inc. of $0.28 per share for the quarter ended October 31, 2009.

Retail Ventures, Inc. is a holding company whose subsidiary, DSW, is a leading United States branded footwear specialty retailer operating as of October 30, 2010, 313 DSW shoe stores in 39 states. DSW also supplies shoes, under supply arrangements, to 351 locations for other retailers in the United States and operates dsw.com.

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 2010 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: our ability to manage and enhance liquidity; 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 store sales and quarterly financial performance; the realization of our bankruptcy claims related to liquidating Filene’s Basement and Value City; the impact of the disposition of Filene’s Basement and of a majority interest in Value City and the reliance on remaining subsidiaries to pay indebtedness and intercompany service obligations; the risk of Value City and 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 operations; our dependence on DSW for key services; failure to retain our key executives or attract qualified new personnel; DSW’s competitiveness with respect to style, price, brand availability and customer service; uncertain general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; the success of dsw.com; lease of an office facility; risks related to our cash and investments and various risks associated with the Value City bankruptcy proceedings. 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.

Contact: Jim McGrady, Chief Financial Officer — (614) 238-4105

RETAIL VENTURES, INC.

(unaudited)

		October 30,				January 30,
		2010				2010
ASSETS
Cash and equivalents		$	113,927			$	141,773
Short-term investments			206,065				164,265
Accounts receivable, net			11,631				6,663
Inventories			332,446				262,284
Prepaid expenses and other current assets			30,218				22,478
Deferred income taxes			34,571				29,560
Total current assets			728,858				627,023
Property and equipment, net			208,804				208,813
Goodwill			25,899				25,899
Conversion feature of long-term debt							28,029
Deferred income taxes and other assets			36,182				13,701
Total assets		$	999,743			$	903,465
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable		$	139,933			$	121,277
Accrued expenses			110,718				113,474
Current maturities of long-term obligations			131,519
Warrant liability			34,328				23,068
Conversion feature of short-term debt			6,553
Total current liabilities			423,051				257,819
Long-term obligations							129,757
Deferred income taxes and other non current liabilities			114,170				112,599
Total Retail Ventures’ shareholders’ equity			227,591				205,869
Noncontrolling interests			234,931				197,421
Total shareholders’ equity			462,522				403,290
Total liabilities and shareholders’ equity		$	999,743			$	903,465

RETAIL VENTURES, INC.

(unaudited)

		Three months ended								Nine months ended
		October 30,				October 31,				October 30,				October 31,
		2010				2009				2010				2009
Net sales		$	489,269			$	444,621			$	1,353,926			$	1,199,957
Cost of sales			(268,485	)			(238,549	)			(737,626	)			(666,416	)
Gross profit			220,784				206,072				616,300				533,541
Selling, general and administrative expenses			(171,883	)			(164,862	)			(479,947	)			(531,140	)
Change in fair value of derivative instruments			(31,681	)			(30,701	)			(45,843	)			(40,778	)
Operating profit (loss)			17,220				10,509				90,510				(38,377	)
Interest expense, net			(2,077	)			(2,610	)			(7,361	)			(7,787	)
Non-operating income (expense), net			1,500				(754	)			1,500				(621	)
Income (loss) from continuing operations before income taxes			16,643				7,145				84,649				(46,785	)
Income tax expense			(8,726	)			(11,079	)			(38,532	)			(13,507	)
Income (loss) from continuing operations			7,917				(3,934	)			46,117				(60,292	)
Total income (loss) from discontinued operations, net of tax			2,191				(295	)			5,161				44,664
Net income (loss)			10,108				(4,229	)			51,278				(15,628	)
Less: net income attributable to the noncontrolling interests			(13,428	)			(9,900	)			(33,642	)			(15,359	)
Net (loss) income attributable to Retail Ventures, Inc.		$	(3,320	)		$	(14,129	)		$	17,636			$	(30,987	)
Basic and diluted (loss) earnings per share:
Basic (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders		$	(0.11	)		$	(0.28	)		$	0.25			$	(1.55	)
Diluted (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders		$	(0.11	)		$	(0.28	)		$	0.25			$	(1.55	)
Basic earnings (loss) per share from discontinued operations attributable to Retail Ventures, Inc. common shareholders		$	0.04			$	(0.01	)		$	0.11			$	0.91
Diluted earnings (loss) per share from discontinued operations attributable to Retail Ventures, Inc. common shareholders		$	0.04			$	(0.01	)		$	0.10			$	0.91
Basic (loss) earnings per share attributable to Retail Ventures, Inc. common shareholders		$	(0.07	)		$	(0.29	)		$	0.36			$	(0.63	)
Diluted (loss) earnings per share attributable to Retail Ventures, Inc. common shareholders		$	(0.07	)		$	(0.29	)		$	0.36			$	(0.63	)
Shares used in per share calculations:
Basic			49,037				48,938				49,028				48,855
Diluted			49,037				48,938				49,315				48,855
Amounts attributable to Retail Ventures, Inc. common shareholders:
(Loss) income from continuing operations, net of tax		$	(5,511	)		$	(13,834	)		$	12,475			$	(75,651	)
Discontinued operations, net of tax			2,191				(295	)			5,161				44,664
Net (loss) income		$	(3,320	)		$	(14,129	)		$	17,636			$	(30,987	)

SOURCE: Retail Ventures, Inc.