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                                                                   Exhibit 10.5


                     STANDARD EXECUTIVE EMPLOYMENT AGREEMENT

                                     BETWEEN

                                    DSW INC.

                                       AND

                                DOUGLAS J. PROBST

This Standard Executive Employment Agreement ("Agreement") by and between DSW
Inc. ("Company") and DOUGLAS J. PROBST ("Executive"), collectively, the
"Parties," is effective as of his first day of employment, March 14, 2005
("Effective Date") and supercedes and replaces any other oral or written
employment-related agreement between the Executive and the Company.

                                  1.00 DURATION

This Agreement will remain in effect from the Effective Date until it terminates
as provided in Section 5.00. Any notice of termination required to be given
under this Agreement must be given as provided in Section 6.00 and will be
effective on the date prescribed in Section 5.00.

                      2.00 EXECUTIVE'S EMPLOYMENT FUNCTION

2.01 POSITION. The Executive agrees to serve as the Company's Senior Vice
President, Chief Financial Officer with the authority and duties customarily
associated with this position and to discharge any other duties and
responsibilities assigned by the Chief Executive Officer, DSW Inc. The Executive
will report directly to and be subject to the supervision, advice and direction
of the Chief Executive Officer, DSW Inc., or, if he so designates, the Chief
Operating Officer or the President of DSW Inc. The Executive agrees at all times
to observe and be bound by all Company rules, policies, practices, procedures
and resolutions that generally apply to Company employees of comparable status
and which do not conflict with the specific terms of this Agreement.

2.02 PLACE OF PERFORMANCE. The Executive's duties will principally be performed
in Columbus, Ohio, except for required travel on the Company's business.

                                3.00 COMPENSATION

The Company will pay the Executive the amounts described in Section 3.00 as
compensation for the services described in this Agreement and in exchange for
the duties and responsibilities described in Section 4.00.

3.01 BASE SALARY. The Company will pay to the Executive an annualized base
salary of $350,000 ("Base Salary"). The Executive's Base Salary will be paid in
installments that correspond with the Company's normal payroll practices.
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3.02 CASH INCENTIVE BONUS.

     [1] The Executive will be eligible to receive a Cash Incentive Bonus under
     the terms of the Retail Ventures, Inc. Incentive Compensation Plan
     ("Incentive Plan"), as modified by the Company. The Company intends to
     provide the Executive with a cash bonus of 80 percent of Base Salary based
     on the Executive's achievement of the incentive goals established by the
     Company. Subsequent annual cash bonuses will be based, in the Company's
     discretion, on Incentive Goals and percentages of Base Salary determined
     under the Incentive Plan that is then in effect. For the fiscal year 2005,
     Executive will be guaranteed a payout at the 80% Target level.

     [2] PAYMENT OF CASH BONUS. Any Cash Incentive Bonus will be payable, in
     cash, consistent with the Company's normal bonus payment policy.

3.03 EQUITY INCENTIVE. The Company shall negotiate in good faith with Executive
concerning Executive's equity incentive compensation to provide equity incentive
compensation to a level that is commensurate with Executive's new position. It
is agreed that these enhancements may include grants of stock appreciation
rights and/or restricted stock units and other equity or equity-based
compensation awards. Any award provided will subtract from the agreed-upon
vesting schedule the time the Executive has already served in his position.

     [1] STANDARD STOCK OPTIONS. Subject to the terms of the DSW Inc. 2005
     Equity Incentive Plan and any applicable stock option agreement, the
     Company will grant to the Executive options to purchase shares of the
     Company's common stock at a per share exercise price as approved by the
     Board of Directors. These options would typically become exercisable
     pursuant to the terms set forth in the Company's standard 5-year schedule.

     [2] RESTRICTED STOCK OPTIONS. Subject to the terms of the DSW Inc. 2005
     Equity Incentive Plan and any applicable Restricted Stock grant agreement,
     Executive is eligible to receive Restricted Stock equity grants as approved
     by the Board of Directors.

     [3] ADDITIONAL EQUITY INCENTIVE. Subject to the Company's discretion, the
     Executive will be eligible for additional discretionary grants of stock
     options.

3.04 BENEFIT PLANS. Subject to their terms, the Executive may participate in any
Company sponsored employee pension or welfare benefit plan at a level
commensurate with the Executive's title and position.

3.05 VACATIONS. Subject to the terms of the Company's vacation policy, the
Executive is entitled to four weeks of vacation each calendar year to be taken
during periods approved by the Chief Executive Officer, DSW Inc.

3.06 EXPENSES. The Executive is entitled to receive prompt reimbursement for all
normal and reasonable expenses incurred while performing services under this
Agreement, including all reasonable travel expenses. Reimbursement for these
expenses will be made as soon as administratively feasible after the date the
Executive submits appropriate evidence of the


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expenditure and otherwise complies with the Company's business expense
reimbursement policy.

3.07 SIGNING BONUS. In addition to any other bonus or incentive pay described in
this Section, the Company will pay Executive a lump sum payment of $40,000,
gross. This signing bonus will be paid following 10 business days of employment.
If Executive voluntarily resigns from the Company within the first twelve (12)
months of his date of hire, Executive agrees to reimburse the Company in full
the net amount of this sum within 30 days of his last day of active employment.

3.08 CAR. The Company will provide Executive with a car allowance under the
Company's executive car allowance program, and with a fuel card. The monthly
amount will be $1,125.00 and will be grossed-up for taxes at the 45 percent tax
rate. (The term "grossed up" as used in this Agreement refers to a payment to
Executive that, after reduction for any income or excise taxes due, is equal to
the net amount payable.)

3.09 TERMINATION BENEFITS. The Company also will provide the Executive with the
termination benefits described in Section 5.00.

                          4.00 EXECUTIVE'S OBLIGATIONS

The amounts described in Sections 3.00 and 5.00 are provided by the Company in
exchange for (and have a value to the Company equivalent to) the Executive's
performance of the obligations described in this Agreement, including
performance of the duties and the covenants and releases made and entered into
by and between the Executive and the Company in this Agreement.

4.01 SCOPE OF DUTIES. The Executive will:

     [1] Devote all available business time, best efforts and undivided
     attention to the Company's business and affairs; and

     [2] Not engage in any other business activity, whether or not for gain,
     profit or other pecuniary benefit.

     [3] However, the restriction described in Section 4.01[1] and [2] will not
     preclude the Executive from:

          [A] Making or holding passive investments in outstanding shares in the
          securities of publicly-owned companies or other businesses [other than
          organizations described in Section 4.05], regardless of when and how
          that investment was made; or

          [B] Serving on corporate, civic, religious, educational and/or
          charitable boards or committees but only if this activity [I] does not
          interfere with the performance of duties under this Agreement and [II]
          is approved by the Chief Executive Officer, DSW Inc.

4.02 CONFIDENTIAL INFORMATION.

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     [1] OBLIGATION TO PROTECT CONFIDENTIAL INFORMATION. The Executive
     acknowledges that the Company and its subsidiaries, parent corporation and
     affiliated entities (collectively, "Group" and separately, "Group Member")
     have a legitimate and continuing proprietary interest in the protection of
     Confidential Information (as defined in Section 4.02[2]) and have invested,
     and will continue to invest, substantial sums of money to develop, maintain
     and protect Confidential Information. The Executive agrees [A] during and
     after employment with all Group Members [I] that any Confidential
     Information will be held in confidence and treated as proprietary to the
     Group, [II] not to use or disclose any Confidential Information except to
     promote and advance the Group's business interests and [B] immediately upon
     separation from employment with all Group Members, to return to the Company
     any Confidential Information.

     [2] DEFINITION OF CONFIDENTIAL INFORMATION. For purposes of this Agreement,
     Confidential Information includes any confidential data, figures,
     projections, estimates, pricing data, customer lists, buying manuals or
     procedures, distribution manuals or procedures, other policy and procedure
     manuals or handbooks, supplier information, tax records, personnel
     histories and records, information regarding sales, information regarding
     properties and any other Confidential Information regarding the business,
     operations, properties or personnel of the Group (or any Group Member)
     which are disclosed to or learned by the Executive as a result of
     employment with any Group Member, but will not include [A] the Executive's
     personal personnel records or [B] any information that [I] the Executive
     possessed before the date of initial employment (including periods before
     the Effective Date) with any Group Member that was a matter of public
     knowledge, [II] became or becomes a matter of public knowledge through
     sources independent of the Executive, [III] has been or is disclosed by any
     Group Member without restriction on its use or [IV] has been or is required
     to be disclosed by law or governmental order or regulation. The Executive
     also agrees that, if there is any reasonable doubt whether an item is
     public knowledge, to not regard the item as public knowledge until and
     unless the Executive Vice President of Human Resources confirms to the
     Executive that the information is public knowledge or an arbitrator, acting
     under Section 9.00, finally decides that the information is public
     knowledge.

     [3] INTELLECTUAL PROPERTY. The Executive expressly acknowledges that all
     right, title and interest to all inventions, designs, discoveries, works of
     authorship, and ideas conceived, produced, created, discovered, authored,
     or reduced to practice during the Executive's performance of services under
     this Agreement, whether individually or jointly with any Group Member (the
     "Intellectual Property") shall be owned solely by the Group, and shall be
     subject to the restrictions set forth in Section 4.02[1] above. All
     Intellectual Property which constitutes copyrightable subject matter under
     the copyright laws of the United States shall, from the inception of
     creation, be deemed to be a "work made for hire" under the United States
     copyright laws and all right, title and interest in and to such
     copyrightable works shall vest in the Group. All right, title and interest
     in and to all Intellectual Property developed or produced under this
     Agreement by the Executive, whether constituting patentable subject matter
     or copyrightable subject matter (to the extent deemed not to be a "work
     made for hire") or otherwise, shall be assigned and is hereby irrevocably
     assigned to the Group by the Executive. The Executive shall, without any
     additional consideration, execute all documents and take all other actions

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     needed to convey the Executive's complete ownership interest in any
     Intellectual Property to the Group so that the Group may own and protect
     such Intellectual Property and obtain patent, copyright and trademark
     registrations for it. The Executive agrees that any Group Member may alter
     or modify the Intellectual Property at the Group Member's sole discretion,
     and the Executive waives all right to claim or disclaim authorship.

4.03 SOLICITATION OF EMPLOYEES. The Executive agrees that during employment, and
for the longer of any period of salary continuation or for two years after
terminating employment with all Group Members [1] not, directly or indirectly,
to solicit any employee of any Group Member to leave employment with the Group,
[2] not, directly or indirectly, to employ or seek to employ any employee of any
Group Member and [3] not to cause or induce any of the Group's (or Group
Member's) competitors to solicit or employ any employee of any Group Member.

4.04 SOLICITATION OF THIRD PARTIES. The Executive agrees that during employment,
and for the longer of any period of salary continuation or for two years after
terminating employment with all Group Members not, directly or indirectly, to
recruit, solicit or otherwise induce or influence any customer, supplier, sales
representative, lender, lessor, lessee or any other person having a business
relationship with the Group (or any Group Member) to discontinue or reduce the
extent of that relationship except in the course of discharging the duties
described in this Agreement and with the good faith objective of advancing the
Group's (or any Group Member's) business interests.

4.05 NON-COMPETITION. The Executive agrees that for the longer of any period of
salary continuation or for one year after terminating employment with all Group
Members not, directly or indirectly, to accept employment with, act as a
consultant to, or otherwise perform services that are substantially the same or
similar to those for which the Executive was compensated by any Group Member
(this comparison will be based on job-related functions and responsibilities and
not on job title) for any business that directly competes or plans to directly
compete with the Group's (or any Group Member's) business, which is understood
by the Parties to be the sale of discount and off-price shoes and accessories.
Illustrations of businesses that compete with the Group's business include, but
are not limited to, The TJX Companies, Inc. (T.J. Maxx; Marshall's; Marmaxx;
Winners); Shoe Carnival; MJM Designer Shoes; Ross Stores, Inc; Payless
ShoeSource; Off-Broadway Shoes; Famous Footwear; Footstar; and Burlington Coat
Factory Warehouse Corporation and any of its affiliates. This restriction
applies to any parent, division, affiliate, newly formed or purchased
business(es) and/or successor of a business that competes with the Group's (or
any Group Member's) business.

4.06 POST-TERMINATION COOPERATION. As is required of the Executive during
employment, the Executive agrees that during and after employment with any Group
Members and without additional compensation (other than reimbursement for
reasonable associated expenses), to cooperate with the Group (and with each
Group Member) in the following areas:

     [1] COOPERATION WITH THE COMPANY. The Executive agrees [A] to be reasonably
     available to answer questions for the Group's (and any Group Member's)
     officers regarding any matter, project, initiative or effort for which the
     Executive was responsible while employed by any Group Member and [B] to
     cooperate with the Group (and with each Group Member) during the course of
     all third-party proceedings arising out of the


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     Group's (and any Group Member's) business about which the Executive has
     knowledge or information. For purposes of this Agreement, [C] "proceedings"
     includes internal investigations, administrative investigations or
     proceedings and lawsuits (including pre-trial discovery and trial
     testimony) and [D] "cooperation" includes [I] the Executive's being
     reasonably available for interviews, meetings, depositions, hearings and/or
     trials without the need for subpoena or assurances by the Group (or any
     Group Member), [II] providing any and all documents in the Executive's
     possession that relate to the proceeding, and [III] providing assistance in
     locating any and all relevant notes and/or documents.

     [2] COOPERATION WITH THIRD PARTIES. Unless compelled to do so by
     lawfully-served subpoena or court order, the Executive agrees not to
     communicate with, or give statements or testimony to, any opposing
     attorney, opposing attorney's representative (including private
     investigator) or current or former employee relating to any matter
     (including pending or threatened lawsuits or administrative investigations)
     about which the Executive has knowledge or information (other than
     knowledge or information that is not Confidential Information as defined in
     Section 4.02[2]) as a result of employment with the Group (or any Group
     Member) except in cooperation with the Company. The Executive also agrees
     to notify the Executive Vice President of Human Resources immediately after
     being contacted by a third party or receiving a subpoena or court order to
     appear and testify with respect to any matter affected by this section.

     [3] COOPERATION WITH MEDIA. The Executive agrees not to communicate with,
     or give statements to, any member of the media (including print, television
     or radio media) relating to any matter (including pending or threatened
     lawsuits or administrative investigations) about which the Executive has
     knowledge or information (other than knowledge or information that is not
     Confidential Information as defined in Section 4.02[2]) as a result of
     employment with the Group (or any Group Member). The Executive also agrees
     to notify the Executive Vice President of Human Resources immediately after
     being contacted by any member of the media with respect to any matter
     affected by this section.

4.07 NON-DISPARAGEMENT. The Executive and the Company (on its behalf and on
behalf of the Group and each Group Member) agree that neither will make any
disparaging remarks about the other and the Executive will not make any
disparaging remarks about the Company's Chairman, Chief Executive Officer or any
of the Group's senior executives. However, this section will not preclude [1]
any remarks that may be made by the Executive under the terms of Section 4.06[2]
or that are required to discharge the duties described in this Agreement or [2]
the Company from making (or eliciting from any person) disparaging remarks about
the Executive concerning any conduct that may lead to a termination for Cause,
as defined in Section 5.04[5] (including initiating an inquiry or investigation
that may result in a termination for Cause), but only to the extent reasonably
necessary to investigate the Executive's conduct and to protect the Group's (or
any Group Member's) interests.

4.08 NOTICE OF SUBSEQUENT EMPLOYMENT. The Executive agrees to immediately notify
the Company of any subsequent employment during the period of salary
continuation after employment terminates.

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4.09 NONDISCLOSURE. The Executive agrees not to disclose the terms of this
Agreement in any manner to any person other than the Chief Executive Officer,
DSW Inc., one of the Company's Vice Presidents of Human Resources (or any
Company representative they expressly approve for such disclosure), the
Executive's personal attorney, accountant and financial advisor, and the
Executive's immediate family or as otherwise required by law.

4.10 REMEDIES. The Executive acknowledges that money will not adequately
compensate the Group for the substantial damages that will arise upon the breach
of any provision of Section 4.00. For this reason, any disputes arising under
Section 4.00 will not be subject to arbitration under Section 9.00. Instead, if
the Executive breaches or threatens to breach any provision of Section 4.00, the
Company will be entitled, in addition to other rights and remedies, to specific
performance, injunctive relief and other equitable relief to prevent or restrain
any breach or threatened breach of Section 4.00.

4.11 RETURN OF COMPANY PROPERTY. Upon termination of employment, the Executive
agrees to promptly return to the Company all property belonging to the Group or
any Group Member.

                      5.00 TERMINATION AND RELATED BENEFITS

This Agreement will terminate upon the occurrence of any of the events described
in this section.

5.01 RULES OF GENERAL APPLICATION. The following rules apply generally to the
implementation of Section 5.00:

     [1] METHOD OF PAYMENT. The Company, at its option, may elect to pay, as a
     lump sum, any installment payments due under Section 5.00. If the Company
     decides to accelerate payment of any installment obligation due under
     Section 5.00, the amount paid will be reduced to reflect the value of the
     accelerated payment. This reduction will be based on the rate paid under
     90-day U.S. Treasury Bills issued on the first issue date after this
     Agreement terminates.

     [2] APPLICATION OF PRO RATA. Any pro rata share required to be paid under
     Section 5.00 will be based on the number of days between the first day of
     the fiscal year during which the Executive terminates employment and the
     date that the Executive terminates employment divided by the number of days
     in the fiscal year during which the Executive terminates employment.

5.02 TERMINATION DUE TO EXECUTIVE'S DEATH. This Agreement will terminate
automatically on the date the Executive dies. As of that date, and subject to
Section 5.04[6], the Company will make the following payments to the person the
Executive designates on the attached Beneficiary designation form or, with
respect to any Equity Incentive, the beneficiary the Executive designates under
the Stock Incentive Plan under which the award was issued ("Beneficiary"):

     [1] BASE SALARY. The unpaid Base Salary the Executive earned to the date of
     termination.

     [2] CASH INCENTIVE BONUS. The pro rata share of any Cash Incentive Bonus
     that would have been paid to the Executive had the Executive not died based
     on the extent to

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     which performance standards are met on the last day of the year in which
     the Executive dies.

     [3] EQUITY INCENTIVE. Subject to the terms of any applicable agreement, [A]
     the Executive's Beneficiary may exercise any outstanding stock options that
     are then vested when the Executive dies and [B] those that would have been
     vested on the last day of the fiscal year during which the Executive dies
     if the Executive had not died.

     [4] OTHER. Any rights accruing to the Executive under any employee benefit
     plan, fund or program maintained by any Group Member will be distributed or
     made available as required by the terms of the plan fund or program or as
     required by law.

5.03 TERMINATION DUE TO EXECUTIVE'S DISABILITY. The Company may terminate this
Agreement after ascertaining that the Executive is Disabled (as defined below -
"Disability") by delivering to the Executive a written notice of termination for
Disability that includes the date termination for Disability is to be effective.
Subject to Section 5.04[6], if that notice is given and if all requirements of
this Agreement are met (including those imposed under Section 7.00), the Company
will make the following payments to the Executive:

     [1] BASE SALARY. The unpaid Base Salary the Executive earned to the date of
     termination.

     [2] CASH INCENTIVE BONUS. The pro rata share of any Cash Incentive Bonus
     that would have been paid to the Executive had the Executive not become
     Disabled based on the extent to which performance standards are met on the
     last day of the year in which the Executive becomes Disabled.

     [3] EQUITY INCENTIVE. Subject to the terms of any applicable agreement, [A]
     the Executive may exercise any outstanding stock options that are vested
     when the Executive became Disabled and [B] those that would have been
     vested on the last day of the fiscal year during which the Executive
     becomes Disabled if the Executive had not become Disabled.

     [4] OTHER. Any rights accruing to the Executive under any employee benefit
     plan, fund or program maintained by any Group Member will be distributed or
     made available as required by the terms of the plan fund or program or as
     required by law.

     [5] DEFINITION OF DISABILITY. For these purposes, Disability means that,
     for more than six consecutive months, the Executive is unable, with a
     reasonable accommodation, to perform the duties described in Section 4.01
     on a full-time basis due to a physical or mental disability or infirmity.

5.04 TERMINATION FOR CAUSE. The Company may terminate the Executive's employment
for Cause (as defined below - "Cause") by delivering to the Executive a written
notice describing the basis for this termination and the date the termination
for Cause is to be effective. If the Executive is terminated for Cause and if
all requirements of this Agreement are met (including those imposed under
Section 7.00), the Company will make the following payments to the Executive:


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     [1] BASE SALARY. The unpaid Base Salary the Executive earned to the date of
     termination.

     [2] CASH INCENTIVE BONUS. Any unpaid Cash Incentive Bonus earned for the
     fiscal year that ends before the fiscal year during which the Executive is
     terminated for Cause (but no Cash Incentive Bonus will be given with
     respect to the fiscal year during which the Executive is terminated for
     Cause).

     [3] EQUITY INCENTIVE. The Executive's entitlement to Equity Incentive will
     be limited to those specifically described in the Company's Stock Incentive
     Plan and any applicable stock option and restricted stock agreements.

     [4] OTHER. Any rights accruing to the Executive under any employee benefit
     plan, fund or program maintained by any Group Member will be distributed or
     made available as required by the terms of the plan fund or program or as
     required by law.

     [5] DEFINITION OF CAUSE. For these purposes, Cause means the Executive's
     [A] failure to substantially perform the duties associated with employment
     under this Agreement, but only if [i] before issuing the notice of
     termination for Cause, the Company makes a written demand upon the
     Executive for substantial performance and specifically describes the basis
     for this demand and [ii] if the failure is one that can be cured, the
     Executive does not comply within 60 days after receiving that demand; [B]
     willful, illegal or grossly negligent conduct that is materially injurious
     to the Company or any Group Member monetarily or otherwise; [C] violation
     of laws or regulations governing the Company or to any Group Member; [D]
     breach of any fiduciary duty owed to the Company or any Group Member; [E]
     misrepresentation or dishonesty which the Company determines has had or is
     likely to have a material adverse effect upon the Company's or any Group
     Member's operations or financial condition; [F] breach of Section 4.00 of
     this Agreement; [G] involvement in any act of moral turpitude that has an
     injurious effect on the Company (or any Group Member) or its reputation; or
     [H] breach of the terms of any non-solicitation or confidentiality clauses
     contained in an employment agreement(s) with a former employer. The
     Company's dissatisfaction with the Executive's performance, or the business
     results achieved, shall not constitute Cause under this Section.

     [6] SUBSEQUENT INFORMATION. The terms of Section 5.04 will apply if, within
     one year after the Executive terminates under any other provision of
     Section 5.00, the Company learns and notifies Executive of an event that,
     had it been known before the Executive terminated employment, would have
     justified a termination for Cause. In this case, the Company will be
     entitled to recover (and the Executive agrees to repay) any amounts (other
     than legally protected benefits) that the Executive received under any
     other provision of Section 5.00 reduced by the amount the Executive is
     entitled to receive under Section 5.04.

5.05 VOLUNTARY TERMINATION BY EXECUTIVE. The Executive may voluntarily terminate
employment with the Company at any time by delivering to the Company a written
notice specifying the date termination is to be effective, in which case the
Company will make the


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following payments to the Executive if all requirements of this Agreement are
met (including those imposed under Section 7.00):

     [1] BASE SALARY. The unpaid Base Salary the Executive earned to the date of
     termination.

     [2] CASH INCENTIVE BONUS. Any unpaid Cash Incentive Bonus earned for the
     fiscal year that ends before the fiscal year during which the Executive
     voluntarily terminates (but no Cash Incentive Bonus will be given with
     respect to the fiscal year during which the Executive voluntarily
     terminates).

     [3] EQUITY INCENTIVE. The Executive's entitlement to Equity Incentive will
     be limited to those specifically described in the Company's Stock Incentive
     Plan and any applicable stock option and restricted stock agreements.

     [4] OTHER. Any rights accruing to the Executive under any employee benefit
     plan, fund or program maintained by any Group Member will be distributed or
     made available as required by the terms of the plan fund or program or as
     required by law.

5.06 INVOLUNTARY TERMINATION WITHOUT CAUSE. The Company may terminate the
Executive's employment at any time Without Cause (as defined below) by
delivering to the Executive a written notice specifying the date termination is
to be effective. Subject to Section 5.04[6], if this notice is given and if all
requirements of this Agreement are met (including those imposed under Section
7.00), the Company will make the following payments to the Executive as of the
effective date of termination Without Cause:

     [1] BASE SALARY. For 12 months beginning on the date of termination Without
     Cause, the Company will continue to pay the Executive's Base Salary at the
     rate in effect on the date of termination Without Cause.

     [2] HEALTH CARE. The Company will reimburse the Executive for the cost of
     maintaining continuing health coverage under COBRA for a period of no more
     than 12 months following the date of termination, less the amount the
     Executive is expected to pay as a regular employee premium for such
     coverage. Such reimbursements will cease if the Executive becomes eligible
     for similar coverage under another benefit plan.

     [3] CASH INCENTIVE BONUS. The pro rata share of any Cash Incentive Bonus
     that would have been paid to the Executive had the Executive not been
     terminated Without Cause based on the extent to which performance standards
     are met on the last day of the year in which the Executive is terminated
     Without Cause.

     [4] EQUITY INCENTIVE. Subject to the terms of the Company's Stock Incentive
     Plan and any applicable agreement, the Executive may exercise any
     outstanding stock options that are vested on the date of termination
     Without Cause and those that would have vested during the one year
     following the effective date of termination Without Cause as if the
     Executive had remained employed throughout that one-year period.


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     [5] OTHER. Any rights accruing to the Executive under any employee benefit
     plan, fund or program maintained by any Group Member will be distributed or
     made available as required by the terms of the plan fund or program or as
     required by law.

     [6] DEFINITION OF WITHOUT CAUSE. For purposes of this Agreement, Without
     Cause means termination of the Executive's employment by the Company for
     any reason other than those set forth in Section 5.02, 5.03 or 5.04.

5.07 TERMINATION FOR GOOD REASON: Executive may terminate employment for Good
Reason (as defined in this section). If Executive terminates employment for Good
Reason Executive shall be entitled to all of the payments described in Section
5.07 pertaining to an Involuntary Termination Without Cause. "Good Reason" means
without the Executive's express prior written consent, the occurrence of any one
or more of the following events during the term of this Agreement and which is
not corrected to the Executive's reasonable satisfaction within 60 days after he
gives notice to the Chief Executive Officer of the circumstance that he believes
does or may constitute Good Reason:

     [1]  The requirement that the Executive's principal place of performing the
          duties of Executive's position be moved more than 60 miles outside of
          the Columbus, Ohio area.

     [2]  The requirement that the Executive principally and directly report to
          other than the Chief Executive Officer, Chief Operating Officer or
          President of DSW Inc.

                                   6.00 NOTICE

6.01 HOW GIVEN. Any notice permitted or required to be given under this
Agreement must be given in writing and delivered in person or by registered,
U.S. mail, return receipt requested, postage prepaid, or through Federal
Express, UPS, DHL and any other reputable professional delivery service that
maintains a confirmation of delivery system. Any delivery must be addressed to
the Company's Executive Vice President of Human Resources at the Company's
then-current corporate offices or to the Executive at the Executive's address as
contained in the Executive's personnel file.

6.02 EFFECTIVE DATE. Any notice permitted or required to be given under this
Agreement will be effective on the date it is delivered, in the event of
personal delivery, or on the date its receipt is acknowledged, in the event of
delivery by registered mail or through a professional delivery service described
in Section 6.01.

                                  7.00 RELEASE

In exchange for the payments and benefits described in this Agreement, as well
as any and all other mutual promises made in this Agreement, the Executive and
the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, legatees and assigns agree to release
and forever discharge the Company, the Group and each Group Member and their
executives, officers, directors, agents, attorneys, successors and assigns, from
any and all claims, suits and/or causes of action that grow out of or are in any
way related to the


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                                       11
<PAGE>
Executive's recruitment to or employment with the Company and all Group Members,
other than any claim that the Company has breached this Agreement. This release
includes, but is not limited to, any claims that the Company, the Group or any
Group Member violated the Employee Retirement and Income Security Act of 1974;
the Age Discrimination in Employment Act; the Older Worker's Benefit Protection
Act; the Americans with Disabilities Act; Title VII of the Civil Rights Act of
1964 (as amended); the Family and Medical Leave Act; any law prohibiting
discrimination, harassment or retaliation in employment; any claim of promissory
estoppel or detrimental reliance, defamation, intentional infliction of
emotional distress; or the public policy of any state, or any federal, state or
local law. The Executive agrees, upon termination of employment with all Group
Members, to reaffirm and execute this release in writing. If the Executive fails
to reaffirm and execute this release, the Executive agrees to forego any payment
from the Company as if the Executive had terminated employment voluntarily under
Section 5.05. Specifically, the Executive agrees that a necessary condition for
the payment of any of the amounts described in Section 5.00 in the event of
termination (except termination under Section 5.02) is the Executive's
reaffirmation of this release upon termination of employment. The Executive
acknowledges that the Executive is an experienced senior executive knowledgeable
about the claims that might arise in the course of employment with the Company
and knowingly agrees that the payments upon termination (except those payable
upon the Executive's death) provided for in this Agreement are satisfactory
consideration for the release of all possible claims. The Executive is advised
to consult with an attorney prior to executing this Agreement. The Executive
acknowledges that 21 days have been given to consider this release. The
Executive may revoke consent to this Agreement by delivering a written notice of
such revocation to the Company within seven days of signing this Agreement. If
the Executive revokes this consent, this Agreement will become null and void and
the Executive must return any compensation received under it, except salary
earned for actual work.

                                 8.00 INSURANCE

To the extent permitted by law and its organizational documents, the Company
will include the Executive under any liability insurance policy the Company
maintains for employees of comparable status. The level of coverage will be at
least as favorable to the Executive (in amount and each other material respect)
as the coverage of other employees of comparable status. This obligation to
provide insurance for the Executive will survive termination of this Agreement
with respect to proceedings or threatened proceedings based on acts or omissions
occurring during the Executive's employment with the Company or with any Group
Member.

                                9.00 ARBITRATION

9.01 ACKNOWLEDGEMENT OF ARBITRATION. Unless stated otherwise in this Agreement,
the Parties agree that arbitration is the sole and exclusive remedy for each of
them to resolve and redress any dispute, claim or controversy involving the
interpretation of this Agreement or the terms, conditions or termination of this
Agreement or the terms, conditions or termination of Executive's employment with
the Group and with each Group Member, including any claims for any tort, breach
of contract, violation of public policy or discrimination, whether such claim
arises under federal or state law.


                                                     Initials ______ Date ______
                                       12
<PAGE>
9.02 SCOPE OF ARBITRATION. The Executive expressly understands and agrees that
claims subject to arbitration under this section include asserted violations of
the Employee Retirement and Income Security Act of 1974; the Age Discrimination
in Employment Act; the Older Worker's Benefit Protection Act; the Americans with
Disabilities Act; Title VII of the Civil Rights Act of 1964 (as amended); the
Family and Medical Leave Act; any law prohibiting discrimination, harassment or
retaliation in employment; any claim of promissory estoppel or detrimental
reliance, defamation, intentional infliction of emotional distress; or the
public policy of any state, or any federal, state or local law.

9.03 EFFECT OF ARBITRATION. The Parties intend that any arbitration award
relating to any matter described in Section 9.00 will be final and binding on
them and that a judgment on the award may be entered in any court of competent
jurisdiction, and enforcement may be had according to the terms of that award.
This section will survive the termination or expiration of this Agreement.

9.04 LOCATION OF ARBITRATION. Arbitration will be held in Columbus, Ohio, and
will be conducted by a retired federal judge or other qualified arbitrator. The
arbitrator will be mutually agreed upon by the Parties and the arbitration will
be conducted in accordance with the National Rules for the Resolution of
Employment Disputes of the American Arbitration Association. The Parties will
have the right to conduct discovery pursuant to the Federal Rules of Civil
Procedure; provided, however, that the arbitrator will have the authority to
establish an expedited discovery schedule and cutoff and to resolve any
discovery disputes. The arbitrator will have no jurisdiction or authority to
change any provision of this Agreement by alterations of, additions to or
subtractions from the terms of this Agreement. The arbitrator's sole authority
will be to interpret or apply any provision(s) of this Agreement or any public
law alleged to have been violated. The arbitrator will be limited to awarding
compensatory damages, including unpaid wages or benefits, but, to the extent
allowed by law, will have no authority to award punitive, exemplary or
similar-type damages.

9.05 TIME FOR INITIATING ARBITRATION. Any claim or controversy not sought to be
submitted to arbitration, in writing, within 120 days of the date the Party
asserting the claim knew, or through reasonable diligence should have known, of
the facts giving rise to that Party's claim, will be deemed waived and the Party
asserting the claim will have no further right to seek arbitration or recovery
with respect to that claim or controversy. Both Parties agree to strictly comply
with the time limitation specified in Section 9.00. For purposes of this
section, a claim or controversy is sought to be submitted to arbitration on the
date the complaining Party gives written notice to the other that [1] an issue
has arisen or is likely to arise that, unless resolved otherwise, may be
resolved through arbitration under Section 9.00 and [2] unless the issue is
resolved otherwise, the complaining Party intends to submit the matter to
arbitration under the terms of Section 9.00.

9.06 COSTS OF ARBITRATION. The Company will bear the arbitrator's fee and other
costs associated with any arbitration, unless the arbitrator, acting under
Federal Rule of Civil Procedure 54(b), elects to award these fees to the
Company.

9.07 ARBITRATION EXCLUSIVE REMEDY. The Parties acknowledge that, because
arbitration is the exclusive remedy for resolving issues arising under this
Agreement, neither Party may resort


                                                     Initials ______ Date ______
                                       13
<PAGE>
to any federal, state or local court or administrative agency concerning
breaches of this Agreement or any other matter subject to arbitration under
Section 9.00, except as otherwise provided in this Agreement, and that the
decision of the arbitrator will be a complete defense to any suit, action or
proceeding instituted in any federal, state or local court before any
administrative agency with respect to any arbitrable claim or controversy.

9.08 WAIVER OF JURY. The Executive and the Company each waive the right to have
a claim or dispute with one another decided in a judicial forum or by a jury,
except as otherwise provided in this Agreement.

                            10.00 GENERAL PROVISIONS

10.01 REPRESENTATION OF EXECUTIVE. The Executive represents and warrants that
the Executive is not under any contractual or legal restraint that prevents or
prohibits the Executive from entering into this Agreement or performing the
duties and obligations described in this Agreement.

10.02 MODIFICATION OR WAIVER; ENTIRE AGREEMENT. No provision of this Agreement
may be modified or waived except in a document signed by the Executive and the
Company's Chief Executive Officer or other person designated by the Company's
Board of Directors. This Agreement, and any attachments referenced in the
Agreement, constitute the entire agreement between the Parties regarding the
employment relationship described in this Agreement, and any other agreements
are terminated and of no further force or legal effect. No agreements or
representations, oral or otherwise, with respect to the Executive's employment
relationship with the Company have been made or relied upon by either Party
which are not set forth expressly in this Agreement.

10.03 GOVERNING LAW; SEVERABILITY. This Agreement is intended to be performed in
accordance with, and only to the extent permitted by, all applicable laws,
ordinances, rules and regulations. If any provision of this Agreement, or the
application of any provision of this Agreement to any person or circumstance,
is, for any reason and to any extent, held invalid or unenforceable, such
invalidity and unenforceability will not affect the remaining provisions of this
Agreement of its application to other persons or circumstances, all of which
will be enforced to the greatest extent permitted by law and the Executive and
the Company agree that the arbitrator (or judge) is authorized to reform the
invalid or enforceable provision [1] to the extent needed to avoid the
invalidity or unenforceability and [2] in a manner that is as similar as
possible to the intent (as described in this Agreement). The validity,
construction and interpretation of this Agreement and the rights and duties of
the Parties will be governed by the laws of the State of Ohio, without reference
to the Ohio choice of law rules.

10.04 NO WAIVER. Except as otherwise provided in Section 9.05, failure to insist
upon strict compliance with any term of this Agreement will not be considered a
waiver of any such term.

10.05 OFFSET. If the Executive obtains other employment during any period in
which Executive is entitled to receive continued salary or incentive payments
under Section 5, any salary or bonus payments (but excluding directors' fees)
earned by the Executive during such period shall reduce


                                                     Initials ______ Date ______
                                       14
<PAGE>
the Company's obligation to pay continued salary under Section 5 by an amount
equal to 50% of the salary and any initial bonus payment so earned from this new
employment. Executive must immediately provide written notice to the Company of
employment that gives rise to this Offset (See Section 4.08).

10.06 WITHHOLDING. All payments made to the Executive under this Agreement will
be reduced by any amount:

     [1] That the Company is required to withhold in advance payment of the
     Executive's federal, state and local income, wage and employment tax
     liability; and

     [2] To the extent allowed by law, that the Executive owes (or, after
     employment is deemed to owe) to the Company.

However, application of Section 10.06[2] will not extinguish the Company's right
to seek additional amounts from the Executive (or to pursue other appropriate
remedies) to the extent that the amount that may be recovered by application of
Section 10.06[2] does not fully discharge the amount the Executive owes to the
Company and does not preclude the Company from proceeding directly against the
Executive without first exhausting its right of recovery under Section 10.06[2].

10.07 SURVIVAL. Subject to the terms of the Executive's Beneficiary designation
form, the Parties agree that the covenants and promises set forth in this
Agreement will survive the termination of this Agreement and continue in full
force and effect.

10.08 MISCELLANEOUS.

     [1] The Executive may not assign any right or interest to, or in, any
     payments payable under this Agreement; provided, however, that this
     prohibition does not preclude the Executive from designating in writing one
     or more beneficiaries to receive any amount that may be payable after the
     Executive's death and does not preclude the legal representative of the
     Executive's estate from assigning any right under this Agreement to the
     person or persons entitled to it.

     [2] This Agreement will be binding upon and will inure to the benefit of
     the Executive, the Executive's heirs and legal representatives and the
     Company and its successors.

     [3] The headings in this Agreement are inserted for convenience of
     reference only and will not be a part of or control or affect the meaning
     of any provision of the Agreement.

10.09 SUCCESSORS TO COMPANY. This Agreement may and will be assigned or
transferred to, and will be binding upon and will inure to the benefit of, any
successor of the Company, and any successor will be substituted for the Company
under the terms of this Agreement. As used in this Agreement, the term
"successor" means any person, firm, corporation or business entity which at any
time, whether by merger, purchase or otherwise, acquires all or essentially all
of the assets of the business of the Company. Notwithstanding any assignment,
the Company will


                                                     Initials ______ Date ______
                                       15
<PAGE>
remain, with any successor, jointly and severally liable for all its obligations
under this Agreement.

     IN WITNESS WHEREOF, the Parties have duly executed and delivered this
Agreement, which includes an arbitration provision, and consists of 18 pages.

                                           Douglas J. Probst

                                           /s/ Douglas J. Probst
                                           _____________________________________

                                           Signed: June 1, 2005


                                           DSW Inc.

                                           By:  /s/ Deborah Lynn Ferree
                                           _____________________________________

                                           Signed: June 1, 2005


                                                     Initials ______ Date ______


                                       16
<PAGE>
                                   ATTACHMENT

                                       TO

                     STANDARD EXECUTIVE EMPLOYMENT AGREEMENT

                         DSW INC. AND DOUGLAS J. PROBST

                             BENEFICIARY DESIGNATION

PRIMARY BENEFICIARY DESIGNATION. I designate the following persons as my Primary
Beneficiary or Beneficiaries to receive any amounts payable on my death under
this Agreement. This benefit will be paid, in the proportion specified, to:

      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: _______________________________________________________________



      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: _______________________________________________________________



      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: _______________________________________________________________



      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: ________________________________________________________________

NOTE: You are not required to name more than one Primary Beneficiary but if you
do, the sum of these percentages may not be larger than 100 percent.


                                                     Initials ______ Date ______
                                       17
<PAGE>
CONTINGENT BENEFICIARY DESIGNATION. If one or more of my Primary Beneficiaries
dies before I die, I direct that any amounts payable on my death under this
Agreement that might otherwise have been paid to that Beneficiary:

      _____ Be paid to my other named Primary Beneficiaries in proportion to
      the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be distributed among the following Contingent Beneficiaries.

      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: _______________________________________________________________


      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: _______________________________________________________________


      ______% to ________________________________________ ____________________
                                 (Name)                      (Relationship)

      Address: ________________________________________________________________

NOTE: You are not required to name more than one Contingent Beneficiary but if
you do, the sum of these percentages may not be larger than 100 percent.


                                                     Initials ______ Date ______
                                       18





