Marshall Field's
The former flagship Marshall Field and Company Building location on State Street in the Loop of downtown Chicago was officially renamed "Macy's on State Street" in 2006 and is now one of four Macy's flagship stores.
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.