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                                                                   EXHIBIT 10.14

                      FIRST AMENDMENT TO CREDIT AGREEMENT


     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into
as of October 30, 1999, by and between SHOE PAVILION CORPORATION, a Washington
corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").


                                   RECITALS
                                   --------

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and
conditions of that certain Credit Agreement between Borrower and Bank dated as
of December 1, 1998, as amended from time to time ("Credit Agreement").

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and
conditions set forth in the Credit Agreement and have agreed to amend the Credit
Agreement to reflect said changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree that the Credit
Agreement shall be amended as follows:

     1.   Section 1.1.(a) is hereby amended (a) by deleting "December 1, 2000"
as the last day on which Bank will make advances under the Line of Credit, and
by substituting for said date "May 30, 2001," and (b) by deleting "Fifteen
Million Dollars ($15,000,000.00)" as the maximum principal amount available
under the Line of Credit, and by substituting for said amount "Twenty Million
Dollars ($20,000,000.00)," with such changes to be effective upon the execution
and delivery to Bank of a promissory note substantially in the form of Exhibit A
attached hereto (which promissory note shall replace and be deemed the Line of
Credit Note defined in and made pursuant to the Credit Agreement) and all other
contracts, instruments and documents required by Bank to evidence such change.

     2.   Section 1.1.(b) is hereby deleted in its entirety, and the following
substituted therefor:

          "SECTION 1.1.  (b) Letter of Credit Subfeature. As a subfeature
                             ---------------------------
     under the Line of Credit, Bank agrees from time to time during the term
     thereof to issue commercial and standby letters of credit for the
     account of Borrower to finance inventory purchases (each, a "Letter of
     Credit" and collectively, "Letters of Credit"); provided however, that
     the form and substance of each Letter of Credit shall be subject to
     approval by Bank, in its sole discretion; and provided further, that
     the aggregate undrawn amount of all
<PAGE>

     outstanding Letters of Credit shall not at any time exceed Five Million
     Dollars ($5,000,000.00). Each Letter of Credit shall be issued for a
     term not to exceed three hundred sixty-five (365) days, as designated
     by Borrower; provided however, that no Letter of Credit shall have an
     expiration date subsequent to the maturity date of the Line of Credit.
     The undrawn amount of all Letters of Credit shall be reserved under the
     Line of Credit and shall not be available for borrowings thereunder.
     Each Letter of Credit shall be subject to the additional terms and
     conditions of the Letter of Credit Agreement and related documents, if
     any, required by Bank in connection with the issuance thereof (each, a
     "Letter of Credit Agreement" and collectively, "Letter of Credit
     Agreements"). Each draft paid by Bank under a Letter of Credit shall be
     deemed an advance under the Line of Credit and shall be repaid by
     Borrower in accordance with the terms and conditions of this letter
     applicable to such advances; provided however, that if advances under
     the Line of Credit are not available, for any reason, at the time any
     draft is paid by Bank, then Borrower shall immediately pay to Bank the
     full amount of such draft, together with interest thereon from the date
     such amount is paid by Bank to the date such amount is fully repaid by
     Borrower, at the rate of interest applicable to advances under the Line
     of Credit. In such event Borrower agrees that Bank, in its sole
     discretion, may debit the following demand deposit accounts maintained
     by Borrower with Bank for the amount of any such draft: 4038-148840,
     4038-148953, 4038-148912, and 7038-148995, or if there are insufficient
     funds for such purpose in said accounts, any other demand deposit
     account maintained by Borrower with Bank."

     3.   Section 1.5. is hereby deleted in its entirety, and the following
substituted therefor:

          "SECTION 1.5.  GUARANTIES. All indebtedness of Borrower to Bank shall
     be guaranteed by Shoe Pavilion, Inc. In the principal amount of Twenty
     Million Dollars ($20,000,000.00), as evidenced by and subject to the terms
     of a Continuing Guaranty in form and substance satisfactory to Bank."

     4.   Section 4.8.(c) is hereby deleted in its entirety, and the following
substituted therefor:

                                       2
<PAGE>

          "(c)  EBITDA not less than $5,000,000.00 on a rolling four-quarter
     basis, determined as of each fiscal quarter end, with "EBITDA" defined as
     net profit before tax plus interest expense (net of capitalized interest
     expense), depreciation expense and amortization expense."

     5.   Except as specifically provided herein, all terms and conditions of
the Credit Agreement remain in full force and effect, without waiver or
modification. All terms defined in the Credit Agreement shall have the same
meaning when used in this Amendment. This Amendment and the Credit Agreement
shall be read together, as one document.

     6.   Borrower hereby remakes all representations and warranties contained
in the Credit Agreement and reaffirms all covenants set forth therein. Borrower
further certifies that as of the date of this Amendment there exists no Event of
Default as defined in the Credit Agreement, nor any condition, act or event
which with the giving of notice or the passage of time or both would constitute
any such Event of Default.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first written above.

                                        WELLS FARGO BANK,
SHOE PAVILION CORPORATION                 NATIONAL ASSOCIATION


By: ____________________________        By: ____________________________
    Gary Schwartz                           Brian O'Melveny
    Vice President/CFO                      Vice President

                                       3
<PAGE>

WELLS FARGO BANK                                  REVOLVING LINE OF CREDIT NOTE
-------------------------------------------------------------------------------

$20,000,000.00                                              Oakland, California
                                                               October 30, 1999

  FOR VALUE RECEIVED, the undersigned Shoe Pavillion Corporation, ("Borrower")
promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank")
at its office at East Bay RCBO, One Kaiser Plaza Suite 860, Oakland, CA 94812,
or at such other place as the holder hereof may designate, in lawful money of
the United States of America and in immediately available funds, the principal
sum of $20,000,000.00, or so much thereof as may be advanced and be outstanding,
with interest thereon, to be computed on each advance from the date of its
disbursement as set forth herein.

DEFINITIONS:

  As used herein, the following terms shall have the meanings set forth after
each, and any other term defined in this Note shall have the meaning set forth
at the place defined:

  (a)   "Business Day" means any day except a Saturday, Sunday or any other day
on which commercial banks in California are authorized or required by law to
close.

  (b)   "Fixed Rate Term" means a period commencing on a Business Day and
continuing for 1, 2, 3, 6 or 12 months, as designated by Borrower, during which
all or a portion of the outstanding principal balance of this Note bears
Interest determined In relation to LIBOR; provided however, that no Fixed Rate
Term may be selected for a principal amount less than $500,000.00; and provided
further, that no Fixed Rate Term shall extend beyond the scheduled maturity date
hereof. If any Fixed Rate Term would end on a day which is not a Business Day,
then such Fixed Rate Term shall be extended to the next succeeding Business Day.

  (c)   "LIBOR" means the rate per annum (rounded upward, if necessary, to the
nearest whole 1/8 of 1%) determined by dividing Base LIBOR by a percentage
equal to 100% less any LIBOR Reserve Percentage.

     (i)   "Base LIBOR" means the rate per annum for United States dollar
deposits quoted by Bank as the Inter-Bank Market Offered Rate, with the
understanding that such rate is quoted by Bank for the purpose of calculating
effective rates of interest for loans making reference thereto, on the first day
of a Fixed Rate Term for delivery of funds on said date for a period of time
approximately equal to the number of days in such Fixed Rate Term and in an
amount approximately equal to the principal amount to which such Fixed Rate Term
applies. Borrower understands and agrees that Bank may base its quotation of the
Inter-Bank Market Offered Rate upon such offers or other market indicators of
the Inter-Bank Market as Bank in its discretion deems appropriate including, but
not limited to, the rate offered for U.S. dollar deposits on the London Inter-
Bank Market.

     (ii)  "LIBOR Reserve Percentage" means the reserve percentage prescribed by
the Board of Governors of the Federal Reserve System (or any successor) for
"Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve
Board, as amended), adjusted by Bank for expected changes in such reserve
percentage during the applicable Fixed Rate Term.

  (d)   "Prime Rate" means at any time the rate of Interest most recently
announced within Bank at its principal office as its Prime Rate, with the
understanding that the Prime Rate is one of Bank's base rates and serves as the
basis upon which effective rates of Interest are calculated for those loans
making reference thereto, and is evidenced by the recording thereof after its
announcement in such internal publication of publications as Bank may designate.

INTEREST:

  (a)   Interest.  The outstanding principal balance of this Note shall bear
        --------
Interest (computed on the basis of a 360-day year, actual days elapsed) either
(i) at a fluctuating rate per annum equal to the Prime Rate in effect from time
to time, or (ii) at a fixed rate per annum determined by Bank to be 1.30000%
above LIBOR in effect on the first day of the applicable Fixed Rate Term. When
interest is determined in relation to the Prime Rate, each chance in the rate of
interest hereunder shall become effective on the date each Prime Rate change is
announced within Bank. With respect to each LIBOR selection option selected
hereunder, Bank is hereby authorized to note the date, principal amount,
interest rate and Fixed Rate Term applicable thereto and any payments
made thereon on Bank's books and records (either manually or by electronic
entry) and/or on any schedule attached to this Note, which notations shall be
prima facie evidence of the accuracy of the information noted.

  (b)   Selection of Interest Rate Options. At any time any portion of this
        ----------------------------------
Note bears interest determined in relation to LIBOR, it may be continued by
Borrower at the and of the Fixed Rate Term applicable thereto so that all or a
portion thereof bears interest determined in relation to the Prime Rate or to
LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion
of this Note bears interest determined in relation to the Prime Rate, Borrower
may convert all of a portion thereof so that it bears interest determined in
relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as
Borrower requests an advance hereunder or wishes to select a LIBOR option for
all or a portion of the outstanding principal balance hereof,

                                                                          Page 1
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    and at the end of each Fixed Rate Term, Borrower shall give Bank notice
    specifying: (i) the Interest rate option selected by Borrower; (ii) the
    principal amount subject thereto; and (iii) for each LIBOR selection, the
    length of the applicable Fixed Rate Term. Any such notice may be given by
    telephone go long as, with respect to each LIBOR selection, (A) Bank
    receives written confirmation from Borrower not later than 3 Business Days
    after such telephone notice is given, and (B) such notice is given to Bank
    prior to 10.00 a.m., California time, on the first day of the Fixed Rate
    Term. For each LIBOR option requested hereunder, Bank will quote the
    applicable fixed rate to Borrower at approximately 10:00 a.m., California
    time, on the first day of the Fixed Rate Term. If Borrower does not
    immediately accept the rate quoted by Bank, any subsequent acceptance by
    Borrower shall be subject to a redetermination by Bank of the applicable
    fixed rate; provided however, that if Borrower fails to accept any such rate
    by 11:00 a.m., California time, on the Business Day such quotation is
    given, then the quoted rate shall expire and Bank shall have no obligation
    to permit a LIBOR option to be selected on such day. If no specific
    designation of interest is made at the time any advance is requested
    hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to
    have made a Prime Rate interest selection for such advance or the principal
    amount to which such Fixed Rate Term applied.

      (c)    Additional LIBOR Provisions.
             ---------------------------

          (i)    If Bank at any time shall determine that for any reason
    adequate and reasonable means do not exist for ascertaining LIBOR, then
    Bank shall promptly give notice thereof to Borrower, if such notice is
    given and until such notice has been withdrawn by Bank, then (A) no new
    LIBOR option may be selected by Borrower, and (B) any portion of the
    outstanding principal balance hereof which bears interest determined in
    relation to LIBOR, subsequent to the end of the Fixed Rate Term applicable
    thereto, shall bear interest determined in relation to the Prime Rate.

          (ii)   If any law, treaty, rule, regulation or determination of a
    court or governmental authority or any change therein or in the
    interpretation or application thereof (each, a "Change in Law") shall make
    it unlawful for Bank (A) to make LIBOR options available hereunder, or (B)
    to maintain interest rates based on LIBOR, then in the former event, any
    obligation of Bank to make available such unlawful LIBOR options shall
    immediately be cancelled, and in the latter event, any such unlawful LIBOR-
    based interest rates then outstanding shall be converted, at Bank's option,
    so that interest on the portion of the outstanding principal balance subject
    thereto is determined in relation to the Prime Rate; provided however, that
    if any such Change in Law shall permit any LIBOR-based interest rates to
    remain in effect until the expiration of the Fixed Rate Term applicable
    thereto, then such permitted LIBOR-based Interest rates shall continue in
    effect until the expiration of such Fixed Rate Term. Upon the occurrence of
    any of the foregoing events, Borrower shall pay to Bank immediately upon
    demand such amounts as may be necessary to compensate Bank for any fines,
    fees, charges, penalties or other costs incurred or payable by Bank as a
    result thereof and which are attributable to any LIBOR options made
    available to Borrower hereunder, and any reasonable allocation made by Bank
    among its operations shall be conclusive and binding upon Borrower.

          (iii)  If any Change in Law or compliance by Bank with any request or
    directive (whether or not having the force of law) from any central bank or
    other governmental authority shall:

          (A)  subject Bank to any tax, duty or other charge with respect to any
               LIBOR options, or change the basis of taxation of payments to
               Bank of principal, interest, fees or any other amount payable
               hereunder (except for changes in the rate of tax on the overall
               net income of Bank); or

          (B)  impose, modify or hold applicable any reserve, special deposit,
               compulsory loan or similar requirement against assets held by,
               deposits or other liabilities in or for the account of, advances
               or loans by, or any other acquisition of funds by any office of
               Bank; or

          (C)  impose on Bank any other condition;

    and the result of any of the foregoing is to increase the cost to Bank of
    making, renewing of maintaining any LIBOR options hereunder and/or to reduce
    any amount receivable by Bank in connection therewith, then in any such
    case, Borrower shall pay to Bank immediately upon demand such amounts as
    may be necessary to compensate Bank for any additional costs incurred by
    Bank and/or reductions in amounts received by Bank which are attributable
    to such LIBOR options. In determining which costs incurred by Bank and/of
    reductions in amounts received by Bank are attributable to any LIBOR options
    made available to Borrower hereunder, any reasonable allocation made by
    Bank among its operations shall be conclusive and binding upon Borrower.

      (d)    Payment of Interest. Interest accrued on this Note shall be payable
             -------------------
    on the 1st day of each month, commencing December 1, 1999.

      (e)    Default Interest. From and after the maturity date of this Note, or
             ----------------
    such earlier date as all principal owing hereunder becomes due and payable
    by acceleration or otherwise, the outstanding principal balance of this Note
    shall bear interest until paid in full at an increased rate per annum
    (computed on the basis of a 360-day year, actual days elapsed) equal to 4%
    above the rate of Interest from time to time applicable to this Note.

    BORROWING AND REPAYMENT:

      (a)    Borrowing and Repayment. Borrower may from time to time during the
             -----------------------
    term of this Note borrow, partially or wholly repay its outstanding
    borrowings, and reborrow, subject to all of the limitations, terms and

                                                                          Page 2
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however, that the total outstanding borrowings under this Note shall not at any
time exceed the principal amount stated above. The unpaid principal balance of
this obligation at any time shall be the total amounts advanced hereunder by the
holder hereof less the amount of principal payments made hereon by or for any
Borrower, which balance may be endorsed hereon from time to time by the holder.
The outstanding principal balance of this Note shall be due and payable in full
on May 30, 2001.

  (b)    Advances. Advances hereunder, to the total amount of the principal sum
         --------
available hereunder, may be made by the holder at the oral or written request of
(i) Gary Schwartz, any one acting alone, who are authorized to request advances
and direct the disposition of any advances until written notice of the
revocation of such authority is received by the holder at the office designated
above, or (ii) any person, with respect to advances deposited to the credit of
any account of any Borrower with the holder, which advances, when so deposited,
shall be conclusively presumed to have been made to or for the benefit of each
Borrower regardless of the fact that persons other than those authorized to
request advances may have authority to draw against such account. The holder
shall have no obligation to determine whether any person requesting an advance
is or has been authorized by any Borrower.

  (c)    Application of Payments. Each payment made on this Note shall be
         -------------------------
credited first, to any interest then due and second, to the outstanding
principal balance hereof. All payments credited to principal shall be applied
first, to the outstanding principal balance of this Note which bears interest
determined in relation to the Prime Rate, if any, and second, to the outstanding
principal balance of this Note which bears interest determined in relation to
LIBOR, with such payments applied to the oldest Fixed Rate Term first.

PREPAYMENT:

  (a)    Prime Rate. Borrower may prepay principal on any portion of this Note
         ----------
which bears interest determined in relation to the Prime Rate at any time, in
any amount and without penalty.

  (b)    LIBOR. Borrower may prepay principal on any portion of this Note which
         -----
bears interest determined in relation to LIBOR at any time and in the minimum
amount of $500,000.00; provided however, that if the outstanding principal
balance of such portion of this Note is less than said amount, the minimum
prepayment amount shall be the entire outstanding principal balance thereof. In
consideration of Bank providing this prepayment option to Borrower, or if any
such portion of this Note shall become due and payable at any time prior to the
last day of the Fixed Rate Term applicable thereto by acceleration or
otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the
sum of the discounted monthly differences for each month from the month of
prepayment through the month in which such Fixed Rate Term matures, calculated
as follows for each such month:

   (i)      Determine the amount of interest which would have accrued each month
            ---------
on the amount prepaid at the interest rate applicable to such amount had it
remained outstanding until the last day of the Fixed Rate Term applicable
thereto.

   (ii)     Subtract from the amount determined in (i) above the amount of
            --------
interest which would have accrued for the same month on the amount prepaid for
the remaining term of such Fixed Rate Term at LIBOR in effect on the date of
prepayment for new loans made for such term and in a principal amount equal to
the amount prepaid.

   (iii)    If the result obtained in (ii) for any month is greater than zero,
discount that difference by LIBOR used in (ii) above.

Each Borrower acknowledges that prepayment of such amount may result in Bank
incurring additional costs, expenses and/or liabilities, and that it is
difficult to ascertain the full extent of such costs, expenses and/or
liabilities. Each Borrower, therefore, agrees to pay the above-described
prepayment fee and agrees that said amount represents a reasonable estimate of
the prepayment costs, expenses and/or liabilities of Bank. If Borrower fails to
pay any prepayment fee when due, the amount of such prepayment fee shall
thereafter bear interest until paid at a rate per annum 2.000% above the Prime
Rate in effect from time to time (computed on the basis of a 360-day year,
actual days elapsed). Each change in the rate of interest on any such past due
prepayment fee shall become effective on the date each Prime Rate change is
announced within Bank.

EVENTS OF DEFAULT:

  This Note is made pursuant to and is subject to the terms and conditions of
that certain Credit Agreement between Borrower and Bank dated as of December 1,
1998, as amended from time to time (the "Credit Agreement"). Any default in the
payment or performance of any obligation under this Note, or any defined event
of default under the Credit Agreement, shall constitute an "Event of Default"
under this Note.

MISCELLANEOUS:

  (a)     Remedies. Upon the occurrence of any Event of Default as defined in
          --------
the Credit Agreement, the holder of this Note, at the holder's option, may
declare all sums of principal and interest outstanding hereunder to be
immediately due and payable without presentment, demand, notice of
nonperformance, notice of protest, protest or notice of dishonor, all of which
are expressly waived by each Borrower* and the obligation, if any, of the
holder to extend any further credit hereunder shall immediately cease and
terminate. Each Borrower shall pay to the holder immediately upon demand the
full amount of all payments, advances,

   * subject to the terms of the Credit Agreement.
                                                                          Page 3
<PAGE>

charges, costs and expenses, including reasonable attorneys' fees (to include
outside counsel fees and all allocated costs of the holder's in-house counsel),
expended or incurred by the holder in connection with the enforcement of the
holder's rights and/or the collection of any amounts which become due to the
holder under this Note, and the prosecution or defense of any action in any way
related to this Note, including without limitation, any action for declaratory
relief, whether incurred at the trial or appellate level, in an arbitration
proceeding or otherwise, and including any of the foregoing incurred in
connection with any bankruptcy proceeding (including without limitation, any
adversary proceeding, contested matter or motion brought by Bank or any other
person) relating to any Borrower or any other person or entity.

  (b)    Obligations Joint and Several. Should more than one person or entity
         -----------------------------
sign this Note as a Borrower, the obligations of each such Borrower shall be
joint and several.

  (c)    Governing Law. This Note shall be governed by and construed in
         -------------
accordance with the laws of the state of California.

  IN WITNESS WHEREOF, the undersigned has executed this Note as of the date
first written above.

Shoe Pavilion Corporation

By: /s/ [SIGNATURE ILLEGIBLE]^^
   ------------------------------

Title: CHAIRMAN & CEO
       --------------------------

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