Marshall Field

Date of Birth: August 18, 1834

Zodiac Sign: Leo

Date of Death: January 16, 1906

Biography

Marshall Field was an American entrepreneur and the founder of Marshall Field and Company, the Chicago-based department stores. Born in Conway, Massachusetts, Field moved to Chicago in 1856 and started working for Cooley, Wadsworth & Co., a dry goods firm. He eventually became a partner in the firm, which was renamed Farwell, Field & Co., and later Field, Leiter & Co. After buying out his partners, he established Marshall Field and Company in 1881. Field revolutionized retailing with his emphasis on customer service, the slogan “Give the lady what she wants,” and the introduction of the one-price system, which eliminated haggling.

5 Interesting Facts about Marshall Field

1. Field was one of the wealthiest men of his time, with a fortune that was estimated at $125 million at the time of his death.

2. He was instrumental in rebuilding Chicago after the Great Chicago Fire of 1871, providing significant financial support for the reconstruction.

3. Field’s department store was known for its lavish Christmas window displays, a tradition that continues to this day at Macy’s, which acquired Marshall Field’s.

4. He was a major philanthropist, contributing to the establishment of the University of Chicago and the Field Museum of Natural History, which was named in his honor.

5. Field’s insistence on customer satisfaction and quality goods set new standards in the retail industry and influenced future department stores.

5 Most Interesting Quotes from Marshall Field

1. “Good will is the only asset that competition cannot undersell or destroy.”

2. “The customer is always right.”

3. “Give the lady what she wants.”

4. “The whole idea of a department store is to make shopping an enjoyable experience.”

5. “The quality of the merchandise is just as important as the quality of the service.”

Highest Net Worth Achieved

At the time of his death in 1906, his net worth was estimated at $125 million, equivalent to roughly $3.5 billion today.

Children

Marshall Field had two children: 1. Marshall Field Jr. (1868–1905) – He was groomed to take over the family business but tragically died before his father. 2. Ethel Field (1872–1936) – She married Arthur Magie Tree and later David Beatty, 1st Earl Beatty, a prominent British admiral.