The first anchor tenant in Market Square was the First National Bank of Lake Forest. It was important for the trustees to land the bank to quiet concerns about foot traffic in the west end of Howard Van Doren Shaw’s innovative U-shaped plan. The street was named “Bank Lane” in honor of this first leaseholder.

When their 15-year lease was up, the bank had outgrown this space, and contracted Stanley Anderson to design a new building on Deerpath in 1931.

The relocation of the bank in 1931 could have been a blow, but fortunately a new anchor tenant arrived who would see Market Square into the next century. This was Marshall Field & Company, which opened its first suburban branch store in Lake Forest a block away in September 1928, selling mainly children’s apparel. Sales were brisk, and larger quarters were required so more departments could be added.

Marshall Field & Co. converted an area of approximately 6,500 square feet into its new branch, encompassing the first and lower floors of the former bank and North Shore Gas spaces. In addition to children’s apparel, the new shop had misses, young matrons, dress accessories, lingerie, athletic goods for boys, an on-site fashion designer, milliner, and corsetiere, a party bureau, and a children’s portrait painter.

In September 1932, Marshall Field added the former Public Service Co. quarters, enlarging the misses and women’s apparel section. In 1941 the store took over the second floor, displacing the YWCA. Even with 16,000 square feet, it was a comparatively small branch, and often utilized like a personal shopping service in which customers ordered things to be sent for pickup. In 1987, Field’s undertook a total renovation and became devoted to women’s and juniors’ apparel and accessories; the three floors featured specialty boutiques housing leading designers’ collections.

After being acquired in 2005, all Marshall Field’s stores were converted into Macy’s. Restricted from featuring the traditional large red star on the sign, Macy’s had to retain the old Marshall Field plaques on the building. This branch closed in January 2008.