Introduction to George Dayton

George Dayton was an American entrepreneur and philanthropist. Dayton was the founder of Dayton’s department store, later known as the Target Corporation.

Early Life and Family Background

George Dayton was born on March 6, 1857, in Clifton Springs, New York, into a family of average wealth. He was the son of Caroline Wesley (Draper) and David Day Dayton.

Migration to Minnesota

As a young man, Dayton moved to Minnesota, migrating from New York.

Investments and Business Ventures

Shortly after his marriage in 1878, Dayton began investing in farm mortgages in southwest Minnesota.

After Dayton and his family relocated to Worthington, Minnesota, in 1883, he served as the president of the Bank of Worthington and established the Minnesota Loan and Investment Company.

Community Involvement and Philanthropy

Dayton also became actively involved in Macalester College in Saint Paul, Minnesota, as a trustee and donor. Additionally, he played a leadership role in the Westminster Presbyterian Church, hosting church events and teaching Sunday School at his residence.

Founding Dayton’s Department Store

In 1902, Dayton acquired land on Nicollet Avenue in Minneapolis and purchased the Goodfellow & Co. dry goods store, which he transformed into Dayton’s Dry Goods store. He managed the business as a family enterprise, adhering to strict Presbyterian principles and maintaining tight control over its finances and operations.

Establishment of the Dayton Foundation

In 1918, he founded the Dayton Foundation with a $1 million endowment, dedicated to advancing the well-being of humanity.

Expanding the Business

Dayton grew his business by purchasing the J.B. Hudson & Son jewelry store in 1929, just before the Wall Street Crash. Despite the challenging times of the Great Depression, Dayton’s department store managed to survive, but his jewelry store suffered financial losses.

Personal Life

George Dayton was married to Emma Chadwick in 1878. The couple had two sons.

Legacy and Passing

Following the unfortunate death of his older son David in 1923, Dayton started transferring portions of the business to his son Nelson.

Unfortunately, Dayton passed away in 1938, but his son Nelson carried on his father’s legacy by running the business. Dayton died of cancer in Minneapolis, Minnesota, in 1938.