Filene's Basement, also called The Basement, is a Massachusetts-based chain of department stores owned by Retail Ventures, Inc. The oldest off-price retailer in the United States, The Basement focuses on high-end goods and is known for its distinctive, low-technology automatic markdown system. As of late 2006, the company operated 31 stores in metropolitan areas of eight U.S. states and Washington, D.C.. The chain also uses a 470,000 square foot distribution center in Auburn, Massachusetts. The store's name is derived from the subterranean location of its flagship store, in the basement of the former Filene's department store at Downtown Crossing in Boston, Massachusetts. On September 3, 2007, that outlet closed for two years to accommodate a major redevelopment of the building above.^[1] Image File history File links Logo. ... The interior of a typical Macys department store. ... 1908 (MCMVIII) was a leap year starting on Wednesday (link will display the full calendar). ... Burlington is a town in Middlesex County, Massachusetts, United States. ... Drawing of a self-service store. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... This article is about the U.S. State. ... The interior of a typical Macys department store. ... Retail Ventures, Inc. ... A discount store is a retail store offering a wide range of products, many branded, at discounted prices. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      A U.S. state is any one of the fifty subnational entities of... For other uses, see Washington, D.C. (disambiguation). ... Auburn is a town located in Worcester County, Massachusetts. ... The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. ... Downtown Crossing is a shopping district in Boston, Massachusetts, located due south of the Boston Common and west of the Financial District. ... “Boston” redirects here. ...

History

As one might expect, the history of The Basement is intertwined with that of the venerable Filene's chain. In 1908, Edward A. Filene, son of the founder of Filene's, came up with the idea of selling surplus, overstock and closeout merchandise in the basement of his father's store. Filene's Automatic Bargain Basement, as it was originally called, opened in 1909 beneath the flagship Downtown Crossing location. The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. ... Edward Albert Filene (September 3, 1860-1937), born in Salem, Massachusetts, was an American business man and philanthropist. ... Downtown Crossing is a shopping district in Boston, Massachusetts, located due south of the Boston Common and west of the Financial District. ...

The stores long remained under common management until April, 1988, when Filene's was acquired by May Department Stores. The fortunes of the stores diverged. The Basement embarked on a massive but ill-advised strategy of expansion that, ten years later, in August 1998, forced the chain to seek Chapter 11 bankruptcy protection. More than 30 outlets were shuttered. The Basement's journey through bankruptcy process was brief, and expansion soon resumed, albeit more cautiously.^[2] To meet Wikipedias quality standards, this article or section may require cleanup. ... Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. ...

In March 1999, the company debuted a new weekend warehouse store concept, Aisle 3. The stores, averaging 60,000 square feet, operated only Friday through Sunday and were located near major metropolitan areas.^[3] Plans were to open at least 10 stores by the end of 1999 and 40 to 50 stores in the following years, but ultimately only eight opened. All Aisle 3 location were shut following the purchase of The Basement by Value City Department Stores Inc. (later Retail Ventures, Inc.) in March 2000. Soon afterward, three Basement locations reopened in the vicinity of Washington, D.C., and modest efforts at expansion resumed.^[4] March 1999 : January - February - March - April - May - June - July - August - September - October - November - December March 1 - One of four bombs detonated in Lusaka, Zambia, destroys the Angolan Embassy. ... The current Value City logo. ... 2000 : January - February - March - April - May - June - July - August - September - October - November - December This is a timeline for events in March, 2000. ...

In 2006, the original Filene's chain of which The Basement had once been a part, was dissolved by its arch-rival Macy's. Because the stores were not under common ownership, most Basement locations were spared, but the flagship location was not. Macy's shuttered the the Filene's location directly above the flagship Basement location and sold the building for redevelopment. The original Basement location was shut on September 3, 2007, to accommodate a massive redevelopment project. The Basement plans to reopen in in the same location in 2009, although it claims to be under no legal obligation to do so. Boston Mayor Tom Menino expressed concern that the chain was not able to find a temporary location for the store during the two-year renovation, saying they "could have found a location in the city if they really wanted to continue the business."^[5] Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. ... This article is about the R.H. Macy & Co. ... Downtown Crossing is a shopping district in Boston, Massachusetts, located due south of the Boston Common and west of the Financial District. ... is the 246th day of the year (247th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... 2009 (MMIX) will be a common year starting on Thursday of the Gregorian calendar. ... Thomas M. Menino (born December 27, 1942) is the current mayor of Boston, Massachusetts, first elected on November 2, 1993. ...

The automatic markdown system

A description of The Basement's markdown system from a 1982 New York Times article:

"... every article is marked with a tag showing the price and the date the article was first put on sale. Twelve days later, if it has not been sold, it is reduced by 25 percent. Six selling days later, it is cut by 50 percent and after an additional six days, it is offered at 75 percent off the original price. After six more days — or a total of 30 — if it is not sold, it is given to charity."^[6]

Since the 1982 article was published the automatic markdown system was changed, giving more time between the discounts. There are now 14 days between each mark-down.

The markdown system is only in effect at the Downtown Crossing store, and there is a possibility that following its upcoming remodeling, it may no longer be in effect. The company has stated that it plans to preserve the famed Automatic Markdown Plan on re-opening.

Filene's Basement Bridal Gown Sale

Since 1947, the Boston flagship store has held an annual one-day bridal gown sale. In 1997, the sale was the subject of a study by two marketing professors at Bentley College and subsequent article published in Developments in Marketing Science. Bentley College is located at 175 Forest Street in Waltham, Massachusetts, 10 miles west of Boston. ...

See also: Running of the Brides Since 1947, Filenes Basement in downtown Boston has held a one-day sale of wedding gowns that has become a local tradition, garnering local media attention because of the sight of hundreds of brides-to-be scrambling for bargains. ...

References

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See also

• "The Filene's Basement Bridal Sale: A Content Analysis of Store-Authored and Media-Authored Communications About a Retail Special Event", by Ellen Foxman and Susan Dobscha, Developments In Marketing Science 20,: 321-326.
• "Aisle 3 joins the weekend pioneers" by Mike Duff, Discount Store News, April 5, 1999.
• "Filene's Basement Announces First Steps in Reorganization Strategy and Closure of 17 Underperforming Stores", press release, September, 28, 1999.
• "Aisle 3 Doubles in Size With Grand Opening of Four Chicago Stores", press release, October 6, 1999.
• "Company News; Filene's Basement To Close Almost Half Its Stores", The New York Times, November 13, 1999.
• "Filene's Basement vows to appeal to Nasdaq delisting" Boston Business Journal, November 26, 1999.
• "Company News; Value City Subsidiary Is Acquiring Filene's Basement", The New York Times, February 4, 2000.
• "Gerson on the Basement: `Lots of hard work' ahead" by Donna L. Goodison, Boston Business Journal, May 8, 2000.
• "Basement Revival: Schlesinger leads discounter back to profitability" by Donna L. Goodison, Boston Business Journal, June 17, 2002.
• "Filene's Basement already seeks more locations" by Lisa R. Schoolcraft, Atlanta Business Chronicle, May 22, 2003.
• "Filene's Basement relocates suburban HQ", Boston Business Journal, February 3, 2005.
• "Filene's Basement coming to Hunt Valley", Baltimore Business Journal, May 24, 2006.
• "Summary of Annual Report (SEC Form 10-K) for RETAIL VENTURES INC", filed April 13, 2006.
• "Pioneering Discounter Seeks Court Protection" by Leslie Kaufman, 'The New York Times, August 24, 1998.
• "ITEM 2. PROPERTIES of Annual Report (SEC Form 10-K) for Filene's Basement Corp", filed May 1, 1998 (source for most pre-1998 store opening dates).
• "ITEM 2. PROPERTIES of Annual Report (SEC Form 10-K405) for Filene's Basement Corp", filed January 30, 1999 (source for 1998 and early 1999 store opening dates and many store locations).

External links

• Filene's Basement official website
• Retail Ventures, Inc. official website