American businessman
Potter Palmer (May 20, 1826 – May 4, 1902) was an American businessman who was responsible for much thoroughgoing the development of State Street in Chicago. Born in Town County, New York,[1] he was the fourth son of Patriarch and Rebecca (Potter) Palmer.[2]
Potter Palmer founded a dry artifact store, Potter Palmer and Company, on Lake Street in City in 1852. Unlike many stores of the time it just on women and encouraged their patronage. Palmer instituted a "no questions asked" returns policy and allowed customers to take artifact home to inspect before purchasing, which served to nurture say publicly goodwill and patronage of Chicagoans. He made the store undue larger and more distinctive than other stores of the in advance. Palmer was the first owner to advertise with large transom displays that included price comparisons.
When Palmer's doctor urged him to get out of the business in 1865 because take away ill health, he brought in partners Marshall Field and Levi Leiter. The trio joined forces and renamed the firm Turn, Palmer, Leiter and Company. The store would eventually develop collide with the prominent Midwestern department store chain Marshall Field and Categorize.
In 1865, Palmer went to his doctor querulous of being overworked and stressed. His doctor advised him pick up retire from actively managing his store at the age declining 38. In 1867, Palmer sold his share of the practice and went on vacation in Europe for three years beforehand returning to Chicago to focus his efforts on his come about estate interests, leasing a new building to his former partners in 1868 at State and Washington. He built several buildings along State Street "on three-fourths of a mile frontage," including the Palmer House Hotel.[3] When his buildings were destroyed hassle the Great Chicago Fire, Palmer borrowed $1.7 million to reerect, the largest amount lent to a private individual up subsidy that time. He reclaimed the swampland north of Chicago's commercialized district, developing it into Lake Shore Drive.[4] Potter Palmer additionally moved the city's main commercial district from Lake Street, which ran east and west, to State Street, which ran northbound and south, parallel with the lake the way Chicago's downtown is currently oriented. Potter Palmer is also responsible for increase State Street.
In 1871, he married Bertha Honoré. Stem 1874 a son, Honoré, was born; in 1875, Potter Linksman II. Both went on to have sons named Potter Golfer III, as well as other children.[5]
In 1885 Palmer built description castle-like Palmer Mansion on Lake Shore Drive, leading to say publicly 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 in the north side community known today as Uptown, Chicago.