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Sebastian Spering Kresge (July 31, 1867 – October 18, 1966) was an American businessman. He created and owned two chains of department stores, the S. S. Kresge Company, one of the 20th century's largest discount retail organizations, and the Kresge-Newark traditional department store chain. The discounter was renamed the Kmart Corporation in ...
In 2004, the Kmart Holding Corporation bought out Sears, changing its name to Sears Holding Corporation in the process. The Corporation runs both stores and has battled bankruptcy over the years. The Kresge Foundation was established by Sebastian Kresge “for the benefit of mankind” on the occasion of the company’s 25th anniversary in 1924.
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Kresge Building. City of Detroit Historic Designation Advisory Board. Sebastian S. Kresge founded his retail company in 1899 in a four-story building at 189-91 Woodward Ave. (since demolished). He moved his business down the block to the Wesson Building in 1909, and named this spot at the corner of Woodward and State "Kresge Korner."
During a 1957 address, Sebastian’s oldest son and long-time executive within the company, Stanley Kresge said, “I feel the chain stores have kept pace and have kept faith. Our store managers are urged to become active, cooperative citizens and to take part in the community life where they live.
The company was incorporated in 1899 as S. S. Kresge Corporation and renamed Kmart Corporation in 1977. The first store with the Kmart name opened in 1962 in Garden City, Michigan . [11] At its peak in 1994, Kmart operated 2,486 stores globally, including 2,323 discount stores and Super Kmart Center locations in the United States.
Kresge moved to Detroit and took control of the first Kresge store. By 1899, Kresge had established his firm and began increasing the number of stores. In 1912, when he had 85 stores, he established the S. S. Kresge Corporation whose descendent firms are now a holding company controlling both the K-Mart and Sears and Roebuck chains.
The S.S. Kresge Company was 25 years old in 1924. Sebastian S. Kresge himself was 57. To commemorate the anniversary of his growing company, on June 11 he established The Kresge Foundation in booming Detroit, where the auto industry, also 25-years old that year, had spawned rampant growth and widespread prosperity.
