COLUMBUS-Retail Ventures Inc.’s (RVI) sales for the third quarter of 2004 took a beating, with overall comp-store sales down 4.1% when compared with 3Q 2003. Its Value City Department Stores suffered especially sluggish comp-store sales, which were down 7.8% from a year ago. The company posted a net loss for the quarter of $900,000 or a $0.03 per share, a figure diametrically opposite from last year, when RVI scored a net profit of $900,000, or $0.03 per share profit last year.

The third-quarter numbers confirmed the challenges faced by the company’s new management. Only about a month ago, Heywood Wilansky was promoted to president and CEO of RVI from his previous position as president and CEO of the Filene’s Basement subsidiary. He succeeded John C. Rossler, who, along with EVP and COO Edwin J. Kozlowski, left the company. The COO position has not been filled as yet, though a search is under way. At the same time as Wilansky’s accession, the company also promoted new people to the presidencies of all of its major subsidiaries: Deborah Ferree at DSW, Jerald Politzer at Value City, and Mark Shulman at Filene’s Basement.

“Current economic conditions are disproportionately hurting the lower-income families of our nation, and since this is a key consumer segment for Value City, the brand suffered along with its customers,” said Milanski at Wednesday’s earnings conference call. “However, the challenges that face us, particularly in the Value City operations, aren’t insurmountable.”

He said that the Value City situation needs “a plan to understand where the brand stands today, and what strategic options are available to us,” adding that he and Politzer are working on such a plan, and that they’ll act swiftly to make whatever changes necessary to strengthen Value City.

The retailer’s other major brands, DSW and Filene’s Basement, did relatively better during the quarter. DSW added 30 stores during 3Q, and existing comp store sales rose 0.7%. Filene’s added four stores, and its comp store sales increased 1.2%.

Currently RVI operates 116 Value City Department Stores in the Midwest, mid-Atlantic and southeastern United States, 167 DSWs throughout the country, and 25 Filene’s Basement stores. DSW also supplies, under supply arrangements, to 204 locations for non-RVI retailers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.