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Marshall Field
Marshall Field (August 18, 1834 – January 16, 1906) was an American entrepreneur and the founder of Marshall Field and Company, the Chicago-based department stores. His business was renowned for its then-exceptional level of quality and customer service.
Field is also known for some of his philanthropic donations, providing funding for the Field Museum of Natural History and donating land for the campus of the University of Chicago.
Marshall Field was born on a farm in Conway, Massachusetts, the son of John Field IV and Fidelia Nash. His family was descended from Puritans who had come to America as early as 1629.
At the age of 17, he moved to Pittsfield, Massachusetts, where he first worked in a dry goods store alongside his brother Joseph Field. He left Massachusetts after five years of working in the dry goods store in search of new opportunities in the rapidly expanding West. In 1856, at age 22, he went to live with his brother in Chicago, Illinois, and obtained employment at leading dry goods merchant Cooley, Wadsworth & Co., which was to become Cooley, Farwell & Co. in 1857.
Field quickly rose through the ranks of Cooley, Farwell & Co. In 1862, for financial reasons[specify] Cooley left the firm. That same year, Field purchased a partnership, and the firm reorganized as Farwell, Field & Co. John V. Farwell appreciated Field's keen business acumen; however, when it came to personality, the two were very different. Field's stuffy efficiency rode on Farwell's more relaxed and cheery demeanor. At a time when business collaboration entailed extensive personal interaction, this partnership would not last long.
In January 1865, Field and a partner, Levi Leiter, accepted an offer to become senior partners at the dry goods establishment of Potter Palmer. The new firm became known as "Field, Palmer, Leiter & Co." In 1867, after Field and Leiter could afford to buy him out, Palmer withdrew from the firm, and it was renamed "Field, Leiter & Company." In 1867, Field, Leiter & Company reported revenues of $12 million (equivalent to $221 million in 2024). Like many Chicago businessmen, Field's company was badly affected by the Great Chicago Fire of 1871, but reopened relatively quickly. The company also survived the Panic of 1873 because of relatively low levels of debt. By 1881, Field had forced Leiter to sell his share of the business and changed the store's name to "Marshall Field and Company".
Field took an early 19th-century consumer landscape that was centered around the principle of caveat emptor, or "let the buyer beware", and transformed it into a plush shopping experience fit for the Gilded Age. Unconditional refunds, consistent pricing and international imports are among the Field innovations that became standards in quality retailing. Field's employees were also instructed not to push products on uninterested customers, a common practice in stores of the period. The quotes "Give the lady what she wants" and "The customer is always right" are attributed to Field.
Though most famous today for his retail business, during his lifetime his wholesale business made far more money. During the 1880s, Field's wholesale business generated five times more revenue than retail annually. The wholesale business even had its own landmark building, the Marshall Field's Wholesale Store, erected in 1887. Revenue from the Marshall Field's retail business did not surpass the company's wholesale business until after Field's death.
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Marshall Field
Marshall Field (August 18, 1834 – January 16, 1906) was an American entrepreneur and the founder of Marshall Field and Company, the Chicago-based department stores. His business was renowned for its then-exceptional level of quality and customer service.
Field is also known for some of his philanthropic donations, providing funding for the Field Museum of Natural History and donating land for the campus of the University of Chicago.
Marshall Field was born on a farm in Conway, Massachusetts, the son of John Field IV and Fidelia Nash. His family was descended from Puritans who had come to America as early as 1629.
At the age of 17, he moved to Pittsfield, Massachusetts, where he first worked in a dry goods store alongside his brother Joseph Field. He left Massachusetts after five years of working in the dry goods store in search of new opportunities in the rapidly expanding West. In 1856, at age 22, he went to live with his brother in Chicago, Illinois, and obtained employment at leading dry goods merchant Cooley, Wadsworth & Co., which was to become Cooley, Farwell & Co. in 1857.
Field quickly rose through the ranks of Cooley, Farwell & Co. In 1862, for financial reasons[specify] Cooley left the firm. That same year, Field purchased a partnership, and the firm reorganized as Farwell, Field & Co. John V. Farwell appreciated Field's keen business acumen; however, when it came to personality, the two were very different. Field's stuffy efficiency rode on Farwell's more relaxed and cheery demeanor. At a time when business collaboration entailed extensive personal interaction, this partnership would not last long.
In January 1865, Field and a partner, Levi Leiter, accepted an offer to become senior partners at the dry goods establishment of Potter Palmer. The new firm became known as "Field, Palmer, Leiter & Co." In 1867, after Field and Leiter could afford to buy him out, Palmer withdrew from the firm, and it was renamed "Field, Leiter & Company." In 1867, Field, Leiter & Company reported revenues of $12 million (equivalent to $221 million in 2024). Like many Chicago businessmen, Field's company was badly affected by the Great Chicago Fire of 1871, but reopened relatively quickly. The company also survived the Panic of 1873 because of relatively low levels of debt. By 1881, Field had forced Leiter to sell his share of the business and changed the store's name to "Marshall Field and Company".
Field took an early 19th-century consumer landscape that was centered around the principle of caveat emptor, or "let the buyer beware", and transformed it into a plush shopping experience fit for the Gilded Age. Unconditional refunds, consistent pricing and international imports are among the Field innovations that became standards in quality retailing. Field's employees were also instructed not to push products on uninterested customers, a common practice in stores of the period. The quotes "Give the lady what she wants" and "The customer is always right" are attributed to Field.
Though most famous today for his retail business, during his lifetime his wholesale business made far more money. During the 1880s, Field's wholesale business generated five times more revenue than retail annually. The wholesale business even had its own landmark building, the Marshall Field's Wholesale Store, erected in 1887. Revenue from the Marshall Field's retail business did not surpass the company's wholesale business until after Field's death.