Marshall Field net worth Wiki, Height, Biography, Wife, Children And Early Life
Marshall Field net worth
Marshall Field Net Worth: Marshall Field is an American entrepreneur whose net worth is equivalent to $66 billion in modern dollars. Marshall Field is the founder of the Chicago-based department store chain Marshall Field and Company. He was born on August 18, 1834, on a farm in Conway, Massachusetts. His family was descended from Puritans who had come to America as early as 1650.
At 17, he moved to Pittsfield, Massachusetts, to work in a dry goods store, and a year later moved to Chicago to live with his brother, where he worked at another dry goods merchant called Cooley, Wadsworth and Company. Found a job. In 1862, Field purchased the company’s partnership and became Farwell, Field & Company. In January 1865, Field and partner Levi Wright accepted an offer to become senior partners of the Porter Palmer Dry Goods Company. The new company, which eventually became known as Field, Leiter & Co., was severely affected by the Great Chicago Fire of 1871, but reopened relatively quickly. With relatively low debt levels, the company also survived the Panic of 1873, and by 1881 Field forced Leiter to sell his stake in the company, which was renamed Marshall Field and Company. Field’s innovation revolves around the concept of buyer self-preservation, or a “buyer beware” mentality. Unconditional refunds, consistent pricing and international imports were among Field’s innovations, and instructing employees not to sell products to uninterested customers was common practice at the time. The phrases “give the lady what she wants” and “the customer is always right” are credited to Field, although the latter may also have been invented by Harry Gordon Selfridge when he was employed at Marshall Field. As a businessman, Marshall Field was highly suspicious of organized labor and banned his employees from unionizing. He avoids political and social intrigue, instead focusing on his work, supporting his family and favorite charities.
The Field Museum of Natural History was named after him in 1894 after a $1 million donation to the organization. The University of Chicago was also co-founded by Field and New York’s John D. Rockefeller to compete with Northwestern University in Evanston. He married Nannie Douglas Scott in 1863 and raised two children.