Marshall Field: Changed the Landscape of Dry Goods Retailing

Marshall Field was an American businessman who was responsible for the establishment of the Chicago-based department store Marshall Field & Co. he was born on August 18, 1834 in Conway, Franklin County, Massachusetts. When he was 17, Field went to Pittsfield, Berkshire County, Massachusetts to work in a local dry goods store.

New work opportunities were expanding in the West so that Field left Massachusetts when he was 18. At 21, Field lived in Chicago Illinois with his brother. He worked with Cooley, Wadsworth & Co., a dry goods business. In 1857, his employer’s name was changed to Cooley, Farwell & Co. the company reorganized in 1862 and Field became a partner of the new firm named Farwell, Field & Co.

Along with his friend Levi Leiter, Field became a senior partner of the dry goods merchant Potter Palmer in 1865. Upon admission, the new company was named Field, Palmer, Leiter & Co. Palmer withdrew from the partnership in 1867 and the firm’s name was changed to Field, Leiter & Co.

Field, Leiter & Co. survived a lot of challenges including the 1871 Great Chicago Fire with which the firm immediately recovered, and the Panic of 1873 with which the partnership survived because of low levels of debt. Field forced Leiter to sell his stakes in the partnership and the firm was renamed as Marshall Field & Co.

As a businessman, Field painted a consumer landscape which revolves around the principle of caveat emptor or “buyer beware.”  Among the major innovations that Field has set included consistent pricing, unconditional refunds, and international imports. These innovations became a benchmark for retailing until today. Field taught his workers not to force the buyers to purchase his products – a principle still observed today. The slogans such as “The customer is always right” and “Give the lady what she wants” are credited to Field.

Field did well in avoiding social intrigue and politics. He focused his time and energy on his business and on his family. He supported a few charitable and philanthropic activities.