Walter Loeb, Board Advisor
President, Loeb Associates, Inc.
New York, NY

Walter Loeb is President of Loeb Associates Inc., management consultants to domestic and
international retail companies, real estate developers, apparel companies and other businesses
associated with the retail industry. He was a Senior Retail Analyst and Principal of Morgan
Stanley from 1974 to 1990. Prior retail industry experience also includes: Vice President and
Retail Analyst, Johnson Redbook Services, a publisher of retail industry research, P.K.
Halsted & Associates, Inc., an international retail consulting firm, as well as various executive
positions with Macy's, the May Department Stores, and Allied Stores. He is also on the Board
of Federal Realty Investment Trust and the National Retail Federation, as well as an advisor to
the Commanding General of the Army Air Force Exchange Services.

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