Rose Blumkin
Rose Blumkin | |
|---|---|
Blumkin in 1977 | |
| Born | Rose Gorelick December 3, 1893 |
| Died | August 9, 1998 (aged 104) Omaha, Nebraska, US |
| Occupation | Businesswoman |
Rose Blumkin (née Gorelick; December 3, 1893 – August 9, 1998) was an Belarusian-born American businesswoman. In 1937, she founded the Nebraska Furniture Mart.[1]
Early life
Blumkin was born on December 3, 1893 as Rosa Gorelick to a Jewish family[2] 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.[3]
Blumkin immigrated to the United States in 1917. She arrived in Seattle unable to communicate in English and was transferred by the American Red Cross to Fort Dodge, Iowa, where her husband was living.[4] Two years later, in 1919, the couple moved to Omaha, Nebraska, the nearest city with a community of Russian and Yiddish speakers, where they started a used clothing store.[1][3][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 US$500 (approximately $12,000 in 2025[7]).[8]
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 (approximately $194 million in 2025[7]).[6][4]
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]
Later life and death
Blumkin was active as a philanthropist.[9] 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.[3] She died on August 9, 1998, aged 104, from heart disease and bronchitis.[10] She is buried in the Golden Hill Jewish Cemetery.
References
- ^ a b c d e 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.
- ^ "Jewish Heroes and Heroines in America". Retrieved May 5, 2015.
- ^ a b c Linder, Karen (2012). The women of Berkshire Hathaway lessons from Warren Buffett's female CEOs and directors. Hoboken, N.J.: Wiley. ISBN 9781118227411.
- ^ a b Buffett, Warren (March 14, 1984). "Warren Buffett's 1983 letter to Berkshire Hathaway shareholders". Berkshire Hathaway. Retrieved May 26, 2020.
- ^ Green, Larry (December 18, 1989). "At 96, Feuding Matriarch Opens New Business". Los Angeles Times. Retrieved January 18, 2024.
- ^ a b Schroeder, Alice (2009). The Snowball: Warren Buffett and the Business of Life. A&C Black. ISBN 9781408807323.
- ^ a b 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
- ^ 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.
- ^ "Rose Blumkin, 104, dies; was operator of Omaha Furniture Mart". The Buffalo News.