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" "The merchant sends the buyer far afield with instructions to invest... in... staples or novelties, as he thinks will interest the home public. He risks his money and a certain amount of prestige upon the judgment of the buyer... Much merchandise begins to depreciate from the day it arrives; practically none increases in value. The buyer then must learn to buy enough and not too much; to buy what will give satisfaction..; to pay not too much for what he buys; to know qualities and values... All this carries with it a certain speculative risk, but so certain does his judgment become, that the house conducted on scientific lines can estimate to a fraction of one per cent.
(January 11, 1858–May 8, 1947) was an American-British retail magnate who founded the London-based department store after retiring as 's partner, opening and selling Harry G. Selfridge and Co. in Chicago in only 2 months, and moving to England. His 20-year leadership of Selfridges led to his becoming one of the most respected and wealthy retail magnates in the United Kingdom. He was known as the 'Earl of Oxford Street'.
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A thousand departments of mental and physical activity foster and in turn are fostered by its achievement. People must be governed, and there must be those who govern. Laws must be made, and there must be those who study, and those who execute these laws. People must be taught, and there must be teachers. All these and the Church, the newspaper, the theatre, the fine arts are essential to the completeness of the State, to the happiness and safety of its people; but Commerce is the main stem, or trunk, where they are all branches, supplied with the sap of its far-reaching wealth. It is as necessary to the existence of any nation as blood to the physical man. That country in which trade flourishes is accounted happy, while that in which Commerce droops provokes shaking of heads and prophecies of downfall.
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