RETAIL VENTURES, INC.



                                    Exhibit 5









                       PORTER, WRIGHT, MORRIS & ARTHUR LLP
                              41 South High Street
                              Columbus, Ohio 43215
                                 (614) 227-2000



                                October 16, 2003


Retail Ventures, Inc.
3241 Westerville Road
Columbus, Ohio 43224

    Re:  Post-Effective Amendment No. 1 to Registration Statement on Form S-8
         Registration No. 333-100398
         Retail Ventures, Inc. Amended and Restated 2000 Stock Incentive Plan
         (the "Plan")

Gentlemen:

         We have acted as counsel for Retail Ventures, Inc., an Ohio corporation
("Retail Ventures"), in connection with the preparation of Post-Effective
Amendment No. 1 to the Registration Statement on Form S-8 (Registration No.
333-100398) (the "Registration Statement"), filed by Retail Ventures with the
Securities and Exchange Commission under the Securities Act of 1933, as amended
(the "Act"), with respect to the adoption of the Plan by Retail Ventures,
pursuant to Rule 414 of the Act, as a successor issuer of Value City Department
Stores, Inc.

         In connection with this opinion, we have examined such corporate
records, documents and other instruments of Retail Ventures as we have deemed
necessary.

         Based on the foregoing, we are of the opinion that the shares issued
under the Plan will, when issued and paid for in accordance with the provisions
of the Plan, be legally issued, fully paid and nonassessable, and entitled to
the benefits of the Plan.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement.

                                 Very truly yours,

                                 /s/  Porter, Wright, Morris & Arthur LLP

                                 PORTER, WRIGHT, MORRIS & ARTHUR LLP