If you spent any time in Old City Philadelphia between 1990 and early 2020, you know the vibe. You’d walk past the Liberty Bell, dodge a few tourists, and duck into that slightly hidden entrance on Ranstead Street. There was a specific smell—a mix of high-end popcorn butter and the slightly musty, comforting scent of an old building that had seen a million stories. Landmark Ritz at the Bourse wasn't just a movie theater. It was a clubhouse for the people who cared more about a subtitled Iranian drama than the latest superhero explosion.
Then, things got weird.
In January 2020, right before the world flipped upside down, the news dropped like a lead weight. The Ritz at the Bourse was closing. People were devastated. Honestly, it felt like the end of an era for the local film scene. But if you’ve been away from the city for a while or you’re just getting back into the habit of seeing movies on a big screen, you might be confused about what’s actually there now.
The Landmark Ritz at the Bourse Identity Crisis
Here is the deal: The theater we all called "The Bourse" didn't actually vanish into a pile of bricks. It changed hands. For thirty years, it was the crown jewel of Ramon L. Posel’s Ritz empire. Posel was basically the patron saint of Philadelphia cinephiles. He opened the Bourse in 1990 with five screens, focusing on the stuff no one else would touch. We're talking about those "Midnight Madness" screenings where The Rocky Horror Picture Show was a religion.
In 2007, the Ritz theaters—including the Bourse, the Ritz Five, and the Ritz East—were sold to Landmark Theatres. This was a big move. Landmark is a national player, owned at the time by Mark Cuban and Todd Wagner. For a while, things stayed the same. You still got your indie hits. You still got your real butter.
But then, the corporate shuffle started. Landmark was sold again in 2018 to the Cohen Media Group. Charles S. Cohen, the guy in charge, is a real estate mogul and a film buff, but the economics of a five-screen indie house in a high-rent district like Old City are brutal. By the time 2020 rolled around, the lease was up, and Cohen Media Group decided to pull the plug.
Why the Bourse Still Matters (Even if the Name Changed)
When the Ritz at the Bourse closed its doors on January 26, 2020, everyone assumed it would become another luxury condo building or a trendy food hall extension. Philadelphia has a habit of doing that. Look at the Roxy—that’s gone now, turned into apartments.
But the Bourse got lucky.
The Philadelphia Film Society (PFS) stepped in. These are the folks behind the Philadelphia Film Festival. They took over the space in 2021, and today, it operates as the PFS Bourse Theater.
If you walk in there today, it feels familiar but better. They didn't just slap a new sign on the door. They actually spent the money to upgrade the tech. We’re talking:
- New 4K digital projectors (no more dim screens).
- Revamped sound systems that actually let you hear the dialogue.
- A lobby that feels less like a 1990s basement and more like a modern cultural hub.
They kept the five screens, which is huge. Having five screens means they can run a weird mix of "prestige" Hollywood movies (the stuff that wins Oscars) alongside the ultra-low-budget indie projects that Landmark used to champion.
The Real Experience: Popcorn, Parking, and Politics
Let’s talk logistics because that’s what actually matters when you're trying to catch a 7:10 PM screening on a Tuesday.
Parking in Old City is, frankly, a nightmare. When it was the Landmark Ritz at the Bourse, they had a deal with the garage at 2nd and Sansom. Nowadays, if you're heading to the PFS Bourse, you’re still looking at the same neighborhood hurdles. Most regulars just take the Market-Frankford Line to 5th Street and walk the two blocks. It’s easier than circling for a spot and ending up in a physical altercation with a PPA officer.
As for the food? Landmark was famous for that "real butter" on the popcorn. It was a point of pride. PFS has kept the concession standards high, but the vibe is a bit more "non-profit community" than "corporate indie." You’ll often find local filmmakers hanging out in the lobby or special Q&A sessions after screenings. It’s less of a "transactional" movie-going experience and more of a "I'm supporting the arts" thing.
What Most People Get Wrong About the Transition
There is a common misconception that the Ritz Five and the Ritz East are the same thing as the Bourse. They aren't.
The Ritz Five (on Walnut Street) is still a Landmark Theatre. It’s still running. If you want that specific Landmark loyalty program experience, that’s where you go. The Ritz East is also still around. But the Bourse is its own animal now. It’s the "edgy" sibling. Because PFS is a non-profit, they can take risks that Landmark wouldn't. They do "After Hours" series with cult classics that are too weird for a national chain.
If you’re looking for the spirit of the original 1990 Ritz at the Bourse, you’ll actually find more of it under the PFS banner than you would have if it had stayed a corporate Landmark location.
Is it Worth Going Back?
Honestly, yeah.
Cinema is struggling. We all know that. We’ve all got 65-inch TVs and every streaming service known to man. But there is something about the Bourse—the way the theater is tucked into that historic building, the way the light hits the Ranstead Street cobblestones when you walk out after a movie—that you can't replicate.
The Landmark Ritz at the Bourse era is over, but the theater itself is probably in the best shape it’s been in since the Clinton administration.
Actionable Steps for Your Next Visit
If you want to experience the "new" Bourse without the headache, here is how you do it:
- Check the PFS Website, Not Landmark: Don't go to the Landmark Theatres site looking for showtimes. You won't find them. Go to filmadelphia.org. They list everything there, including the special "Surprise 35" screenings where you don't even know what movie you're seeing until the lights go down.
- Become a Member: If you go more than once a month, the PFS membership actually pays for itself. You get cheaper tickets and first dibs on Film Festival passes.
- Eat Beforehand: The Bourse Food Hall is right there. It’s revamped and has everything from tacos to high-end chocolate. Grab a meal there, then walk the thirty seconds to the theater entrance on Ranstead.
- Embrace the Weird: Look for the "Cine Insomnia" or "Retro Replay" series. That’s where the theater really shines. Seeing a 35mm print of a 70s horror flick with a room full of people is better than any Netflix binge.
The Bourse survived a corporate shutdown, a global pandemic, and the rise of streaming. It’s still standing. Go see a movie there before someone decides it really should be a condo.