Partly for this reason Sir Thomas Gresham had recently built the Royal Exchange, the most fabulous commercial building of its day. {Gresham is traditionally associated with Gresham's law-that bad money drives out good-which he may or may not actually have formulated.} Modeled on the Bourse in Antwerp, the Exchange contained 150 small shops, making it one of the world's first shopping malls, but its primary purpose and virtue was that for the first time it allowed City merchants-some four thousand of them-to conduct their business indoors out of the rain. We may marvel that they waited so long to escape the English weather, but there we are.
Sir Thomas Gresham played a pivotal role in the development of commerce by constructing the Royal Exchange, a remarkable building that represented the pinnacle of commercial architecture in its time. This establishment, influenced by the Bourse in Antwerp, featured 150 small shops, effectively creating one of the first shopping malls. However, its greatest significance lay in offering City merchants a sheltered space to carry out their transactions, helping them avoid the often unfavorable English weather.
Gresham is also linked to the economic principle known as Gresham's Law, which asserts that bad money tends to overshadow good money in circulation. Though its actual formulation by him is debatable, it has had a lasting impact on economic discussions. The Royal Exchange not only symbolized a shift in commercial practices but also highlighted the necessity for merchants to have a dedicated indoor space for trade, paving the way for modern commercial practices.
