Millennium Tower (Filene's) | 426 Washington Street | Downtown

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Re: Filene's

What should be done, immediately, is moving the fence.

There is a lot of usable sidewalk that is being wasted.

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Re: Filene's

jass said:
What should be done, immediately, is moving the fence.

There is a lot of usable sidewalk that is being wasted.

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I bet the fencing company would not be pleased to hear you say that. They're making bank off a rental with no end in sight!
 
Re: Filene's

Old shot from Discount Shoe Warehouse? Anyway, the fence was moved in about a month ago.
 
Re: Filene's

Boston Globe - June 23, 2009
Syms says Basement belongs downtown
New owner studying whether to keep markdown policy

By Jenn Abelson, Globe Staff | June 23, 2009

Syms Corp. chief executive Marcy Syms yesterday said she is committed to bringing back Filene?s Basement to Downtown Crossing, but needs time to study whether the famed automatic markdown policy will remain at the clothing chain?s flagship store.

Syms, in one of her first interviews since her company bought the bankrupt Filene?s Basement last week, said it must consider all options in the search for a downtown site. The legendary location at Washington Street has been closed since 2007 and developers of the site have been unable to secure financing to move forward.

Syms said she plans to meet with Boston Mayor Thomas M. Menino within the next few weeks to talk about the future of Filene?s Basement and has already received an e-mail from a developer to explore another spot downtown. She declined to provide details.

?If we make a commitment to just that site and none other, we might cut off another opportunity that could get us open faster,?? Syms said. ?I?m a product of Boston University, and I was an avid Filene?s Basement shopper and understand the importance of that location.??

Dot Joyce, spokeswoman for Menino, said yesterday she was uncertain whether a meeting with Syms had been scheduled but added: ?The mayor, first and foremost, is interested in seeing that building constructed and progress toward creating a bustling downtown shopping district.??

Clothing discounter Syms paid nearly $65 million for 23 of the 25 Filene?s Basement stores after more than a week of intense bidding for the Filene?s Basement chain. The New Jersey merchant, in a joint venture with Vornado Realty Trust, beat out Men?s Wearhouse and New York real estate firm Crown Acquisitions. Vornado Realty Trust, which owns the Downtown Crossing site where the shuttered Filene?s Basement is located, paid about $16.8 million to terminate the existing lease on Washington Street and another $8.2 million to amend a lease in New York City to increase the annual rent. Vornado will not have any role in operating the 100-year-old chain. The firm could not be reached for comment yesterday.

Syms said there will be no additional layoffs at Filene?s Basement and the stores that are not part of the sale are likely to be closed.

?We are totally committed to keeping the Filene?s Basement name and traditions. We will look at the automatic markdown and whether we can continue it,?? Syms said. ?We want to keep going the Running of the Brides events, the suit event, and we want to make sure the fan club expands.??

Already, buyers for Filene?s Basement are in New York for a three-day spending spree to replenish stores with fresh merchandise. The bargain merchant had been largely unable to purchase new items in recent months because of a liquidity crisis and the Chapter 11 bankruptcy filing in May. Syms said she does not believe Filene?s Basement was ever ?broken,?? but rather a victim of unfortunate decisions to aggressively expand the chain.

Filene?s Basement, with mostly female shoppers between the ages of 25 and 45, complements the Syms brand, where older male customers make up about 50 percent of shoppers, according to Syms. Still, she is hoping to improve the men?s suit selection at Filene?s Basement and expand the children?s department. Although the demographics of the two companies do not overlap much, they carry many of the same designers in their stores.

?We can have more strength to negotiate great prices to give the consumer fantastic value,?? Syms said. ?Together we are much stronger.??

Mark Shulman, president of Filene?s Basement, said yesterday, ?We?re very, very happy and excited to be working with Syms and Marcy particularly. She?s a great merchant and we think we?re going to be a fabulous team together.??

Jenn Abelson can be reached at abelson@globe.com.
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Re: Filene's

Marcy seems to understand why it failed: stupid expansion. She doesn't understand why she will fail: no automatic markdown.
 
Re: Filene's

Right.
It is the marketing mindset. The only important thing about FB is the brand. They think that as long as they have the brand, they can peddle the same shit at the same price as all the other 'bargain' stores and the consumers will flock.
In truth, all they will end up doing is continue diluting the Basement name until it is worthless. Sad.
 
Re: Filene's

Am I the only one who checks the updates for this thread hoping that the news will read "Financing magically set, big new redesigned tower set to go"?
 
Re: Filene's

^^ Imagine how far this would be along if they were able to keep to their original time line.
 
Re: Filene's

Didn't Syms have a store in Downtown Crossing once before, on Summer Street where CVS is now? I hope they learned from whatever caused that store to fail.
 
Re: Filene's

A good (albeit, worrying) point Ron. They don't have a great track record downtown. :(
 
Re: Filene's

I'd put the chances of FB being a part of this development at less than 10% at this point. This development is still at least 6 years away from completion and I don't see FB waiting that long. I am also not convinced that Vornado/Hynes even want FB as a part of this development or that they would allow FB to open before the development is complete. Sadly, I think they need to find a different location. Time to revisit the old Barns & Noble site?
 
Re: Filene's

The landlord of ex-B&N and Filene's Basement were unable to agree on what had been envisioned as a temporary lease two years ago. But now that FB has new owners and the B&N remains vacant, perhaps a long-term lease can now be negotiated. At least I hope so.

It would still be much smaller than the original Basement, which took up two floors of an entire city block. Or is there some possibility of breaking down walls and expanding into neighboring storefronts?
 
Re: Filene's

Ron, that is an interesting idea. The landlord of the "Barnes and Noble" building hasn't been too quick to act because he has various state offices as tenants on the upper office floors. They were refugees from the Saltonstall Building renovation, but never made their way back when that building was done. The income stream is solid (although off the top I don't know how much is left on the leases).

That is one reason why it would be difficult to go up in the building the way DSW does. I am given to understand that the basement level is quite damp. A few years ago there was a story about a mosquito infestation on the upper floors in the middle of winter, the source being sultry damp tropical conditions in the basement. Quinine, anyone?

In any event, it won't matter where it goes if Syms tries to peddle its usual C plus grade goods or if there in no automatic markdown. Educated Filenes Basement consumers will not be Syms best customers.
 
Re: Filene's

Those mad(wo)men brides on TV always seemed very educated to me.

:eek:
 
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Re: Filene's

Barnes & Noble was never a bank. Nor is it a Brutalist building. It was formerly the location of W.T. Grant department store. It has no special architectural distinction that I can see.
 
Re: Filene's

Jesus Christ Ron, connect the dots. Kennedy was confused with the Border's location at 10-24 School St (a concrete building tacked onto the side of an old bank).
 
Re: Filene's

To my knowledge, the Borders store still fully occupies that building, so I'm not sure why anyone would even suggest using it.
 
Re: Filene's

Kennedy mistakenly thought the bank location formerly housed B&N and was currently empty.

This, as we know is not true. The old B&N location was across the street from Filenes, and as you said, Borders currently occupies the bank building.

Everyone clear?
 
Re: Filene's

:eek: oops, my bad. i was thinking of borders. statlers right. delete post...
 
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