Potter Palmer facts for kids
Quick facts for kids
Potter Palmer
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| Born | May 20, 1826 |
| Died | May 4, 1902 (aged 75) |
| Burial place | Graceland Cemetery, Chicago |
| Occupation | Businessman, developer |
| Spouse(s) | Bertha Honoré (m. 1870) |
| Children | 2 sons |
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Potter Palmer (born May 20, 1826 – died May 4, 1902) was an important American businessman. He helped build and shape much of State Street in the city of Chicago. He was born in Albany County, New York.
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Building a Business: Potter Palmer's Stores
In 1852, Potter Palmer opened his own store called Potter Palmer and Company. It was on Lake Street in Chicago. His store was different from others at the time. It focused on women shoppers and made them feel welcome.
A New Way to Shop
Palmer had some new ideas for his business. He let customers return items with "no questions asked." He also allowed people to take goods home to look at them before buying. This helped build trust and made people want to shop at his store. He made his store much bigger and more special than other shops. Palmer was also one of the first store owners to use large window displays to advertise. He even showed price comparisons in his windows.
In 1865, Palmer's doctor told him to stop working so hard because he was not well. So, he brought in two new partners, Marshall Field and Levi Leiter. Their company was renamed Field, Palmer, Leiter and Company. This store later grew into the famous department store chain, Marshall Field and Company.
Shaping Chicago: Real Estate Vision
In 1865, Palmer felt very stressed and overworked. His doctor told him to retire from his store at age 38. In 1867, Palmer sold his part of the business. He then went on a three-year vacation in Europe. When he came back to Chicago, he focused on real estate. This means he bought, sold, and developed land and buildings.
In 1868, he leased a new building to his former partners at State and Washington streets. He built many buildings along State Street. This included the famous Palmer House Hotel.
Rebuilding After the Great Fire
When the Great Chicago Fire destroyed many of his buildings, Palmer did not give up. He borrowed $1.7 million to rebuild. This was the largest amount of money ever loaned to one person at that time. He helped bring Chicago back to life.
Creating New Neighborhoods
Palmer also changed the swampy land north of Chicago's main business area. He turned it into Lake Shore Drive, which is a famous road today. He also moved the city's main shopping area from Lake Street to State Street. State Street now runs north and south, just like Chicago's downtown is set up today. Potter Palmer also made State Street wider.
His Family and Home
In 1871, Potter Palmer married Bertha Honoré. They had two sons: Honoré, born in 1874, and Potter Palmer II, born in 1875. Both of their sons later had children, including sons named Potter Palmer III.
In 1885, Palmer built a huge, castle-like house called the Palmer Mansion on Lake Shore Drive. This grand home helped create the fancy neighborhood known as the Gold Coast. Before this, another area called Prairie Avenue was the most popular place to live in Chicago.
Potter Palmer is buried in Graceland Cemetery in Chicago.
