BOSTON -- Filene’s Basement filed for Chapter 11 bankruptcy protection this week, including the flagship site in Downtown Crossing, which has literally blown a hole in that section of Boston.

Two years ago, the mayor and Boston Redevelopment Authority touted a new and improved Filene’s Basement as part of an exciting condo/hotel/retail complex. Without financing, the project stalled, leaving a massive, debilitating eyesore with no apparent solution in site. Unless of course, once again, outside investors come to the rescue, like the two New York real estate firms stepping forward with offers.

What a tragedy that a public/private partnership, right here at home, cannot save this former center of retail vibrancy. The closing of big box stores like Linens and Things and Circuit City is one thing, but the potential loss of the original Filene’s Basement is much more personal for Bostonians.

For some, it was the mere thrill of a deal, for others the place we bought our first suit and in the case of brides to be, it is memories of the battle to find the unbelievable bargain wedding dress.

For more than a century, this icon of commerce was etched in our collective memory as part of the fabric and soul of Boston. Now it looks to join the list of iconic Boston businesses already gobbled up by out-of-towners -- Filene's, Jordan Marsh and the Boston Globe, to name a few.

As many other cities have discovered, the world is flat, less local, and more global. Nevertheless, a troubled economy also creates extraordinary opportunities.

As we weather the worst economic meltdown in memory, Boston’s leaders need to reinvent how we do business, how we play, how we live. Instead of bemoaning our losses, it is time to start building new traditions.