Montgomery Ward

Montgomery Ward invented the mail-order catalog in 1872, creating the template for how Americans would buy things for the next century. Aaron Montgomery Ward's single-page price list grew into a 540-page 'wish book' that brought consumer goods to rural America. The company also created Rudolph the Red-Nosed Reindeer as a 1939 marketing promotion.

Ward's fatal mistake came after World War II. While Sears aggressively expanded into suburban shopping malls, Ward's CEO Sewell Avery predicted a post-war depression and hoarded cash instead of expanding. The depression never came. By the time Ward's caught up, Sears and JCPenney had locked up the best mall locations.

The company limped through decades of decline, filed for bankruptcy in 1997, emerged briefly, then filed again in 2000. All 250 remaining stores closed by May 2001. The 128-year-old company that invented American consumer retail simply outlasted its reason to exist.