Louis Bamberger (May 15, 1855 – March 11, 1944) was an American businessman and philanthropist who co-founded the Bamberger's department store in Newark, New Jersey. He and his sister Caroline Bamberger Fuld co-founded the Institute for Advanced Study in Princeton, New Jersey.
He was educated in Baltimore public schools.
Business career
Bamberger began his career working under his uncles at Hutzler Brothers. He left the business to work for his father at a new store. Upon his father's retirement, he and his brothers inherited the business, and Louis was made business manager. Bamberger moved to New York City to pursue business opportunities as a resident buyer for several large companies in the West and built a large and important list of clientele.
In 1892, he moved to Newark and, with his brothers-in-law Felix Fuld and Louis M. Frank, bought Hill & Craig, a bankrupt general goods store, renaming it L. Bamberger & Company and selecting a new site at the corner of Market Street and Halsey Street. The store was an immediate success.
In 1912, Bamberger opened an ornate chateauesque building that covered a whole city block at a cost of $2 million (equivalent to $ million in ). For decades, the Bamberger’s clock was the downtown meeting place for Newarkers. In 1928, the store's sales were $28 million (equivalent to $ million in ), making it the fourth-highest grossing store in the United States.
In 1929, Bamberger sold his department store to R.H. Macy and Company, which kept the original Bamberger name. Bamberger knew that he owed his success to hundreds of able employees, and split $1 million among 240 employees. The Bamberger name remained in use for the stores in the New Jersey division of Macy's until 1986. They gave a $5 million endowment to the Institute. Upon Bamberger's death the bulk of his estate was left to the Institute.
Legacy and honors
- The World War II Liberty Ship was named in his honor.