Potter Palmer
Encyclopedia
Potter Palmer was an American
businessman who was responsible for much of the development of State Street
in Chicago
.
in Chicago in 1852. Unlike many stores of the time it focused on women and encouraged their patronage. Palmer instituted a "no questions asked" returns policy and allowed customers to take goods home to inspect before purchasing, which served to nurture the goodwill and patronage of Chicagoans. He made the store much larger and more distinctive than other stores of the time. Palmer was the first owner to advertise with large window displays that included price comparisons.
When Palmer's doctor urged him to get out of the business in 1865 because of ill health, he brought in partners Marshall Field
and Levi Leiter
. The trio joined forces and renamed the firm Field, Palmer, Leiter and Company. The store would eventually develop into the prominent Midwestern department store chain, Marshall Field and Company.
. When his buildings were destroyed in the Great Chicago Fire
, Palmer borrowed $1.7 million to rebuild, the largest amount lent to a private individual up to that time. He reclaimed the swampland north of Chicago's commercial district, developing it into Lake Shore Drive
.
. In 1874, she gave birth to a son, Honoré, and in 1875, she gave birth to another son, Potter Palmer II. Both sons went on to have sons named Potter Palmer III, as well as other children.
In 1885 Palmer built the castellated Palmer Mansion
on Lake Shore Drive, leading to the establishment of the Gold Coast. Prior to that time, Prairie Avenue
had been the most desirable address in Chicago.
Palmer is buried in Graceland Cemetery
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman who was responsible for much of the development of State Street
State Street (Chicago)
State Street is a large south-north street in Chicago, Illinois, USA and its south suburbs. It begins on the Near North Side at North Avenue. For much of its course, it lies between Wabash Avenue on the east and Dearborn Street/Lafayette Avenue on the west...
in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
.
Retailing career
Potter Palmer founded a dry goods store, Potter Palmer and Company, on Lake StreetLake Street (Chicago)
Lake Street is an east-west arterial road in Chicago and its suburbs. Part of Lake Street is designated as U.S. Route 20. Lake Street begins in the city of Chicago and travels west and slightly north to the Chicago suburbs. It ends at the eastern terminus of the Elgin Bypass around Elgin, where...
in Chicago in 1852. Unlike many stores of the time it focused on women and encouraged their patronage. Palmer instituted a "no questions asked" returns policy and allowed customers to take goods home to inspect before purchasing, which served to nurture the goodwill and patronage of Chicagoans. He made the store much larger and more distinctive than other stores of the time. Palmer was the first owner to advertise with large window displays that included price comparisons.
When Palmer's doctor urged him to get out of the business in 1865 because of ill health, he brought in partners Marshall Field
Marshall Field
Marshall Field was founder of Marshall Field and Company, the Chicago-based department stores.-Life and career:...
and Levi Leiter
Levi Leiter
Levi Ziegler Leiter was a Chicago businessman. He co-founded what became the Marshall Field & Company retail empire.-Biography:...
. The trio joined forces and renamed the firm Field, Palmer, Leiter and Company. The store would eventually develop into the prominent Midwestern department store chain, Marshall Field and Company.
Real estate career
In 1867, Palmer sold his share of the partnership and focused his efforts on his real estate interests, leasing a new building to his former partners in 1868 at State and Washington. He built several buildings along State Street on property he owned, including the Palmer House HotelPalmer House
The Palmer House Hilton is a famous and historic hotel in downtown Chicago.-History:There have been three Palmer House Hotels at the corner of State and Monroe Streets in Chicago....
. When his buildings were destroyed in the Great Chicago Fire
Great Chicago Fire
The Great Chicago Fire was a conflagration that burned from Sunday, October 8, to early Tuesday, October 10, 1871, killing hundreds and destroying about in Chicago, Illinois. Though the fire was one of the largest U.S...
, Palmer borrowed $1.7 million to rebuild, the largest amount lent to a private individual up to that time. He reclaimed the swampland north of Chicago's commercial district, developing it into Lake Shore Drive
Lake Shore Drive
Lake Shore Drive is a mostly freeway-standard expressway running parallel with and alongside the shoreline of Lake Michigan through Chicago, Illinois, USA. Except for the portion north of Foster Avenue , Lake Shore Drive is designated as part of U.S...
.
Personal life
In 1871, he married Bertha HonoréBertha Palmer
Bertha Palmer was an American businesswoman, socialite, and philanthropist.- Biography :Born Bertha Matilde Honoré in Louisville, Kentucky, her father was businessman Henry Hamilton Honoré...
. In 1874, she gave birth to a son, Honoré, and in 1875, she gave birth to another son, Potter Palmer II. Both sons went on to have sons named Potter Palmer III, as well as other children.
In 1885 Palmer built the castellated Palmer Mansion
Palmer Mansion
The Palmer Mansion, constructed 1882–1885 at 1350 N. Lake Shore Drive, was once the largest private residence in Chicago, Illinois, located in the Near North Side neighborhood and facing Lake Michigan. It was designed by architects Henry Ives Cobb and Charles Sumner Frost of the firm Cobb and Frost...
on Lake Shore Drive, leading to the establishment of the Gold Coast. Prior to that time, Prairie Avenue
Prairie Avenue
Prairie Avenue is a north–south thoroughfare on the South Side of Chicago, which historically extended from 16th Street in the Near South Side community area of Chicago in Cook County, Illinois, United States, to the city's southern limits and beyond. The street has a rich history from its origins...
had been the most desirable address in Chicago.
Palmer is buried in Graceland Cemetery
Graceland Cemetery
Graceland Cemetery is a large Victorian era cemetery located in the north side community area of Uptown, in the city of Chicago, Illinois, USA. Established in 1860, its main entrance is at the intersection of Clark Street and Irving Park Road...
.
External links
- Death of Potter Palmer in The New York TimesThe New York TimesThe New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
, May 5, 1902, p. 9.