Filenes Basement To Open Second Boston Store in Back Bay

The 38,000-sf store will be located at the Newbry, a 620,000-sf office and retail complex at 501 Boylston St., and will have with an entrance on Newbury St. Filenes Basement, the country's oldest off-price retailer, is owned by Retail Ventures.

A spokesperson for Filenes Basement, tells GlobeSt.com that the decision to open a store in the Back Bay was meant to serve customers living in that neighborhood. "The merchandise will be same but the feeling will be different. The building is newly renovated with lots of natural light, wider aisles and lots of fixtures we don't have room for in the Downtown Crossing store, the spokesperson says. "It will be a very contemporary look."

The store, which will feature two levels of merchandise, will share the building with H&M, Guess and Victoria's Secret. Terms of the company's 10-year lease were not disclosed but Andy LaGrega, a principal at the Wilder Cos., tells GlobeSt.com that first floor retail space along Boylston Street generally ranges from $90 to $100 per sf. Similar ground floor space on Newbury Street costs between $100 and $250 per sf. Wilder is a retail consultant and leasing agent for the Newbry's owner, 501 Boylston Properties LLC, an affiliate of Beacon Capital Partners LLC.