A boarded-up Montgomery Ward store in Georgia. (Image by Caldorwards4.)

Really good article by David Streitfeld in the New York Times about the phenomenon of Groupon, a company running forward at a breakneck pace but still (wisely) looking over its shoulder. The Internet outfit inhabits the Chicago building made famous by Montgomery Ward, the once-powerful retailer which also changed the face of commerce in its own day. An excerpt:

“CHICAGO has revolutionized retailing before. In 1872, a dry-goods salesman named Aaron Montgomery Ward wearied of visiting far-flung stores, so he mailed descriptions of goods directly to rural residents. The orders were sent by a new delivery system that wreaked havoc on traditional commerce: the railroad.

Ward’s innovation was as much of a cultural achievement as a merchandising one — farmers read his catalogues for pleasure, dreaming of a better world. They were the foundation of a retail empire that lasted more than a century until the management failed one time too often to anticipate a shift in consumer tastes. Ward’s went bust a decade ago.

Groupon’s corporate headquarters are in the old Montgomery Ward building, which should be reminder enough of the dangers of neglecting the customer’s desires. But Mr. Mason, the chief executive, sought to underline the point by putting on the wall certain business magazine covers. They celebrate tech start-ups — the social network Friendster, the music site MySpace — at the moment they seemed poised for greatness, before they irrevocably stumbled.”

••••••••••

Montgomery Ward commercial, 1967:

Montgomery Ward commercial, 1982:

Montgomery Ward going-out-of-business commercial, 2001: