At the turn of the Twentieth Century, the Simon brothers started a men's and boy's clothing store in Oelwein, Iowa. Shortly after on March 5, 1904, one of the Simon Brothers (Harry) opened a men's store on the east side of Waterloo, Iowa. Thirty years later, Harry Simon moved his Palace Clothiers men's store to the west side of Waterloo at 522 Commercial Street. In the fall of 1935, Harry was killed in a car accident while returning from a Chamber of Commerce meeting in Des Moines, Iowa.

Burton Field and his brother, Jack Field, purchased Palace Clothiers from the Simon estate and took possession January 1, 1936. In 1968, Burton and Jack opened a store in the new College Square Shopping Center in Cedar Falls, Iowa. In 1971, Burton moved the downtown Waterloo store to Crossroads Shopping Center where it remained until January of 2001.

​In 1986, Burton’s son, Hugh Field, a prominent local attorney, and long time employee Steve Volz purchased Palace Clothiers. In 1992 the College Square store moved to 312 Main Street in downtown Cedar Falls.

On February 1, 2001, Palace Clothiers relocated the Crossroads store, after 31 years to a free standing location at 203 East Tower Park Drive in Waterloo. Ten years later, the Waterloo location moved to Kimball Ridge Plaza, at 2110 Kimball Avenue. Palace continues to thrive after more than 100 years in the quality menswear business.

​Both the Cedar Falls and Waterloo Palace Clothiers stores feature entire lines of quality men's clothing from head to toe, including a tuxedo rental business that has been extremely successful.