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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 1977.
Kresge incorporated the company in 1912 under his own name as the S.S. Kresge Company. By this time there were 85 stores valued at over $10 million. The era of “five and dimes” ended in 1917 when Kresge’s was forced to raise prices to fifteen cents, due to World War I inflation.
In 1976, S.S. Kresge made history by opening 271 Kmart stores in one year, becoming the first-ever retailer to launch 17 million square feet of sales space in a single year. In 1977, nearly 95 percent of S.S. Kresge Company sales were generated by Kmart stores.
Jan 22, 2002 · Jan. 22, 2002. Abrief chronology of the Kmart Corporation: 1899. Sebastian S. Kresge founds the S.S. Kresge Company, opening the first store in Detroit. 1925. S.S. Kresge goes public and is...
Sep 27, 2015 · Pocono Record. Key dates in the life and business of S.S. Kresge. 1867 – On July 31, Sebastian Spering Kresge is born near Scranton in Bald Mount, Pa. A few years later the family later moves...
Jun 13, 2016 · On April 21, 1916, Kresge opened the store in South Bend at 205-207 S. Michigan St. It was in the Studebaker Block, a circa-1875 building at the southwest corner of Michigan Street and...
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.
