Marshall Field's
Marshall Field & Company traces its antecedents to a dry goods store opened at 137 Lake Street in Chicago, Illinois in 1852 by Potter Palmer, (1826–1902), eponymously named P. Palmer & Company. In 1856, 21-year-old Marshall Field (1834–1906) 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, (1834–1904), 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., (1825–1908), 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.
Marshall Field's
Marshall Field & Company became a public company in 1930, early in the "Great Depression". The retailer needed capital due to the expense of opening the massive new Merchandise Mart to house its flagging wholesale division. Ground was broken in 1927 during the boom years of the "Roaring 20s"; when the Mart opened in 1930, it was the largest building in the world. The 1887 Wholesale Store designed by Richardson at Franklin between Quincy and Adams Streets was closed and demolished at this time. But the new building, faced with a change in retail distribution and wholesale patterns in addition to the deepening "Great Depression", could not save Field's wholesale division. Simpson left the Company, and James O. McKinsey, a University of Chicago professor and founder of the McKinsey and Company consulting firm, was hired to reform the Company. The wholesale division, once the core of the Company, was liquidated by 1936. The Davis Store was closed in 1936 as well, and its building was sold to Goldblatts. In 1939, the land underlying the main State Street store was acquired from the Marshall Field Trust. Meanwhile, McKinsey also reorganized the Company's vertically integrated operations, notably by merging the Company's varied textile operations under the Fieldcrest name.