Rose Blumkin

Rose Blumkin (''née'' Gorelick; December 3, 1893 – August 9, 1998) was an American businesswoman who founded the Nebraska Furniture Mart in 1937. 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."

Her credo, according to her obituary in the ''New York Times'' was "Sell cheap, tell the truth, don't cheat nobody."

Early life

Blumkin was born in 1893 as Rosa Gorelick to a Jewish family 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. When she was twenty, Rose married Izya (Isadore) Blumkin.

Rose 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. 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.

Career

Blumkin opened the Nebraska Furniture Mart in 1933, selling used furniture. 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 $ in ).

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 $ in ).

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. Buffett acquired the business in 1992. 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. 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.

Death

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

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

References

External links

Mrs. B's Story at the Home Furnishings Hall of Fame websiteThree-minute video interview with Rose Blumkin from NBC in 1986Rose Blumkin Jewish Home

{{DEFAULTSORT:Blumkin, Rose
1893 births
1998 deaths
American women centenarians
American company founders
American people of Belarusian-Jewish descent
American women business executives
American women company founders
Berkshire Hathaway
Emigrants from the Russian Empire to the United States
American philanthropists
20th-century American businesswomen
20th-century American businesspeople
20th-century American Jews
Jewish centenarians
Jews from Nebraska