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Concept
Marshall Field's
Summary
Marshall Field & Company (commonly known as Marshall Field's) was an upscale department store in Chicago, Illinois. Founded in the 19th century, it grew to become a large chain before Macy's, Inc acquired it in 2005. Its eponymous founder, Marshall Field, was a pioneering retail magnate.
The company's flagship Marshall Field and Company Building on State Street in the Chicago Loop is a National Landmark. It was officially branded Macy's on State Street in 2006, when it became one of Macy's flagship stores.
Marshall Field & Company traces its antecedents to a dry goods store opened at 137 Lake Street in Chicago, Illinois, in 1852 by Potter Palmer, eponymously named P. Palmer & Company. In 1856, 21-year-old Marshall Field moved to the booming midwestern city of Chicago on the southwest shores of Lake Michigan from Pittsfield, Massachusetts and found work at the city's then-largest dry goods firm – Cooley, Wadsworth & Company. Just prior to the American Civil War, in 1860, Field and bookkeeper Levi Z. Leiter became junior partners in the firm, then known as Cooley, Farwell & Company. In 1864, the firm, then led by senior partner John V. Farwell, Sr., was renamed Farwell, Field & Company. only for Field and Leiter to soon withdraw from the partnership with Farwell when presented with the opportunity of a lifetime.
Potter Palmer, plagued by ailing health, was looking to dispose of his thriving business, so on January 4, 1865, Field and Leiter entered into partnership with him and his brother Milton Palmer. So the firm of P. Palmer & Company became Field, Palmer, Leiter & Company, with Palmer financing much of their initial capital as well as his own contribution. After Field and Leiter's immediate success enabled them to pay him back, Palmer withdrew two years later from the partnership in 1867 to focus on his own growing real-estate interests on one of the burgeoning city's important thoroughfares, State Street. His brother, Milton Palmer, left at this time as well. The store was renamed Field, Leiter & Company, sometimes referred to as "Field & Leiter".
Official source
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