Rose Blumkin
Rose Blumkin | |
|---|---|
| File:Rose Blumkin.jpg Rose Blumkin at the Nebraska Furniture Mart in 1977 | |
| Born | Rose Gorelick December 3, 1893 Schedrin, Belarus |
| Died | August 9, 1998 (aged 104) |
| Occupation | Business person |
Rose Blumkin (née Gorelick; December 3, 1893 – August 9, 1998) was a renowned businesswoman who founded the Nebraska Furniture Mart in 1937.[1] Warren Buffett said of her, "One question I always ask myself in appraising a business is how I would like, assuming I had ample capital and skilled personnel, to compete with it. I’d rather wrestle grizzlies than compete with Mrs. B and her progeny. They buy brilliantly, they operate at expense ratios competitors don’t even dream about, and they then pass on to their customers much of the savings.[2]
Her credo, according to her obituary in the New York Times was "Sell cheap, tell the truth, don't cheat nobody."[1]
Early life
Blumkin was born in 1893 as Rosa Gorelick to a Jewish family[3] in Shchedrin, a village near Babruysk in present day Belarus. She was one of eight children of Solomon and Chasya Gorelick. Her father was a rabbi and her mother ran a grocery store.[1] When she was twenty, Rose married Izya (Isadore) Blumkin.
Blumkin immigrated to the United States in 1917. She could not speak English.[2] In 1919, she moved to Omaha, Nebraska, where the Blumkins started a used clothing store.[1]
Career
Blumkin opened the Nebraska Furniture Mart in 1937, selling used furniture.[4] Known as "Mrs. B.", she was in her mid-40s when she opened the business in the basement of her husband's store with an investment of $500 ($9,171.30 adjusted for inflation in 2022).[5]
Blumkin grew the business to become the largest indoor furniture store in America. This caught the attention of Warren Buffett. In 1983, Buffett's company purchased a 90% share of the Nebraska Furniture Mart for $60 million (~$158 million adjusted for inflation in 2022).[4][2]
In 1989, six years after selling 90% of her company to Berkshire Hathaway, Blumkin retired, only to come out of retirement in three months to open up a rival store. It was called "Mrs. B's Clearance and Factory Outlet" and was situated directly across the street from the Furniture Mart. It became profitable by 1991.[1] Buffett acquired the business in 1992.[1] Blumkin continued to be involved in day-to-day operations until shortly before her death at the age of 104.
Recognition
Blumkin was active as a philanthropist.[6] The Rose Blumkin Performing Arts Center is named for her. She was also a large donor to the Omaha Jewish Community Center. She received honorary degrees from New York University and Creighton University.[7]
Death
Rose Blumkin died at the age of 104 on August 9, 1998, as a result of cardiac issues and chronic bronchitis[8]
Mrs. Blumkin is buried in the Golden Hill Jewish Cemetery.
References
- ^ a b c d e f Feder, Barnaby J. (August 13, 1998). "Rose Blumkin, Retail Queen, Dies at 104". The New York Times. Archived from the original on February 3, 2017. Retrieved February 3, 2017.
- ^ a b c Buffett, Warren (March 14, 1984). "Warren Buffett's 1983 letter to Berkshire Hathaway shareholders". Berkshire Hathaway. Retrieved May 26, 2020.
- ^ "Jewish Heroes and Heroines in America". Retrieved May 5, 2015.
- ^ a b Schroeder, Alice (2009). The Snowball: Warren Buffett and the Business of Life. A&C Black. ISBN 9781408807323.
- ^ Fox, Michelle (March 1, 2019). "Warren Buffett's model for aspiring business managers — a retail legend known as 'Mrs. B'". CNBC. Retrieved April 6, 2020.
- ^ Briggs, Roy (1997). "Oral History Interview. Interviewer Roy Briggs; Interviewee Rose Blumkin". Home Furnishings Hall of Fame. Retrieved May 26, 2020.
- ^ Linder, Karen (2012). The women of Berkshire Hathaway lessons from Warren Buffett's female CEOs and directors. Hoboken, N.J.: Wiley. ISBN 9781118227411.
- ^ "Rose Blumkin, 104, dies; was operator of Omaha Furniture Mart". The Buffalo News.
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- Berkshire Hathaway
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