Payless Topeka, Kan.

Payless ShoeSource is the country’s largest shoe retailer, racking up $2.66 billion in sales during fiscal year 2004. But the pressure is on as competition intensifies from the likes of Famous Footwear and DSW, as well as discount chains such as Wal-Mart and Target. Fiscal 2004 same-store sales dropped by 0.9 percent, while total sales slipped to $2.77 billion from $2.78 billion. To distinguish itself from its rivals, the company is looking for a business makeover that emphasizes fashion as much as economy.