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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.
S.S. Kresge Company. Before discount stores, there were variety “dime stores,” called so because products sold for either a dime or a nickel. Kresge, founded in 1899, was a Detroit-born dime store where shoppers could find daily needs such as housewares, linens, clothing, school supplies, and toys.
The S.S. Kresge Co. grew to be the second-largest variety chain in the U.S. The stores changed as retail trends matured over the years. The company battled anti-chain store sentiment in the 1920s and 30s.
S.S. Kresge (born July 31, 1867, Bald Mount, Pa., U.S.—died Oct. 18, 1966, East Stroudsburg, Pa.) was an American merchant who established a chain of nearly 1,000 variety and discount stores throughout the United States.
With a simple but profound directive, “To promote the well-being of mankind,” The Kresge Foundation was established in 1924 by Detroit retail magnate Sebastian Spering Kresge (1867-1966) as he built one of America’s largest retail enterprises, the S.S. Kresge Company, and used his wealth to contribute to the general benefit and welfare of ...
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.
He subsequently incorporated the business into the S.S. Kresge Company. With swift expansion through the Midwest and across the nation over the next half century, the S.S. Kresge Co. would later become the iconic American department store chain, Kmart Corp.
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