Rose Blumkin

Source: Wikipedia, the free encyclopedia.

Rose Blumkin
Rose Blumkin at the Nebraska Furniture Mart in 1977
Born
Rose Gorelick

(1893-12-03)December 3, 1893
Shchedrin, Bobruysky Uyezd, Minsk Governorate, Russian Empire (prior to 1917). Shchedrin, Belarus (post 1991).
DiedAugust 9, 1998(1998-08-09) (aged 104)
Omaha, Nebraska
OccupationBusiness person

Rose Blumkin (

née Gorelick; December 3, 1893 – August 9, 1998) was an American businesswoman who founded the Nebraska Furniture Mart in 1937.[1] Businessman 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

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.[4]

Rose immigrated to the United States in 1917. She arrived in Seattle unable to communicate in English and was transferred by the

Omaha, Nebraska, the nearest city with a community of Russian and Yiddish speakers, where they started a used clothing store.[1][4][5]

Career

Blumkin opened the Nebraska Furniture Mart in 1933, selling used furniture.[6] 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).[7]

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).[6][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.[8] 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.[4]

Death

Rose Blumkin died at the age of 104 on August 9, 1998, as a result of cardiac issues and chronic bronchitis[9]

Mrs. Blumkin is buried in the Golden Hill Jewish Cemetery.

References

  1. ^ 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.
  2. ^ a b c Buffett, Warren (March 14, 1984). "Warren Buffett's 1983 letter to Berkshire Hathaway shareholders". Berkshire Hathaway. Retrieved May 26, 2020.
  3. ^ "Jewish Heroes and Heroines in America". Retrieved May 5, 2015.
  4. ^
    ISBN 9781118227411
    .
  5. ^ Green, Larry (December 18, 1989). "At 96, Feuding Matriarch Opens New Business". Los Angeles Times. Retrieved January 18, 2024.
  6. ^
    ISBN 9781408807323
    .
  7. ^ 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.
  8. ^ Briggs, Roy (1997). "Oral History Interview. Interviewer Roy Briggs; Interviewee Rose Blumkin". Home Furnishings Hall of Fame. Retrieved May 26, 2020.
  9. ^ "Rose Blumkin, 104, dies; was operator of Omaha Furniture Mart". The Buffalo News.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Rose_Blumkin&oldid=1227747517"