Filene, << fih LEEN, >> Edward Albert (1860-1937), was an American merchant and philanthropist. As a young man, Edward began managing the clothing business founded by his father, William. Under the leadership of Edward and his brother, Albert, this small business grew into a chain of department stores, William Filene’s Sons Company.
Edward Filene was a retail pioneer who had innovative ideas about discounting. At his Boston store, he introduced the idea of the “bargain basement.” Merchandise was discounted each week it did not sell, and after a period of time, it was sharply reduced to be sold in the store’s basement.
Filene believed in the power of business to aid people. He helped organize the Boston, the United States, and the International chambers of commerce. He also pioneered the credit union movement in the United States. Filene founded the Twentieth Century Fund, now called The Century Foundation, to study major economic problems. After World War I (1914–1918), Filene supported the League of Nations and other movements for international understanding. In the mid-1930’s, Filene traveled widely, speaking against fascism and anti-Semitism. Fascism is a system of government in which property is privately owned, but all industry and labor are regulated by a national government. Anti-Semitism is prejudice against Jews.
Filene was born in Salem, Massachusetts, on Sept. 3, 1860. He died on Sept. 26, 1937.
