AUBURN – Which would make you happier: Seeing a new store in the old Porteous space at the Auburn Mall or finding an entire outfit – plus accessories – for under $50?

Come mid-November, you can have both.

Steve & Barry’s, the Long Island-based department store, is opening its first northern New England store in the Auburn Mall, filling the anchor space left when Porteous closed in 2002.

Shoppers who once found racks filled with Alfred Dunner and Leslie Fay at the upscale retailer will now find lines from celebrity designers Sarah Jessica Parker, Amanda Bynes and the NBA’s Stephon Marbury – at low prices.

“We’re very excited to be coming to Maine,” said Colleen McCarthy, associate director of public relations for the retailer. “This is an amazing store for the whole family – quality merchandise, all under $20.”

When it opens, Steve & Barry’s will bring the mall almost to capacity – a far cry from its 65 percent occupancy rate in 2002. The retailer is the third to announce a move to the mall in the past two months. Both Joker’s family entertainment center and Super Shoes said they will be open by Thanksgiving.

But the two pale in scale with Steve & Barry’s, which will occupy 60,000 square feet of space, offering clothes, shoes, jewelry and accessories for the entire family. In addition to the celebrity lines, the store also offers general merchandise that’s easy to mix and match for any occasion.

McCarthy said a typical Steve & Barry’s shopper will be able to find a pair of jeans, graphic T-shirt, sweater or hoodie with accessories for between $50 and $60.

“Steve & Barry’s is trying to change the mindset of consumers, so that you don’t have to spend a lot of money for good-quality merchandise,” McCarthy said.

It’s a philosophy embraced by Sarah Jessica Parker, actress and fashion icon, who grew up in a family of eight kids. Money was tight, and she struggled to find fashionable clothes on a tight budget. Her exclusive line of trendy clothes, called Bitten and priced under $20, provides a solution and is reflected in her company motto: “Fashion is not a luxury, it’s a right.”

Knick’s guard Marbury was the first celebrity designer for Steve & Barry’s. Concerned about the outlandish price for basketball sneakers, Marbury launched his own line, which he wears on court. McCarthy said if you slice a $14.95 Starbury One in half and compare it with a $150 competitor, there’s “virtually no difference.”

Steve & Barry’s is able to offer such low prices using innovative business practices. According to a profile in Business Week, the company does things like buy direct from factories in Africa, rather than China, where there are fewer U.S. duties and quotas. It also negotiates for favorable lease rates for its stores by targeting middle-market malls, many of which have lost tenants due to department store consolidations and competition from non-mall retailers, said the report.

The 20-year-old company was recently named one of the hottest new retailers by the International Center for Shopping Centers. By year’s end there should be about 265 stores nationwide.

Auburn Mall Manager David Lee couldn’t be more thrilled that one of them will be at 550 Center St.

“I’d say we have a bit of a rebirth here,” he said. Lee brokered the deal with Steve & Barry’s, as well as Joker’s.

His observation is shared by Roland Miller, the city’s chief economic development officer.

“It’s a very exciting development, particularly because this is a brand-new entity to Maine,” Miller said. “It’s very gratifying with respect to the market opportunities in the L-A area. And it’s a whole new mix of consumer options.”

Miller credits the mall turnaround to owner George Schott, who purchased the languishing retail complex in November 2005. Schott replaced the mall’s roof, upgraded the interior and aggressively began to market the mall, emphasizing that he’d be flexible to accommodate new tenants.

“His success is showing now,” Miller said.

Schott, who prefers to stay out of the spotlight, did say Steve & Barry’s negotiated “a very favorable lease rate” that will allow them to pass savings on to shoppers.

“I’m very excited to have them here,” he said. “It’s a great thing for the L-A area.”

He’s not planning to rest on his laurels, though. There are some seasonal rentals in the mall for the holidays that he’d like to see become year-round tenants. And there are acres and acres of potential retail space in the mall’s parking lot.

“Hopefully with the mall close to full, it will invite new tenants to the outparcels,” he said.

Curious what they carry? Check out Steve & Barry’s Web site at www.steveandbarrys.com