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- Ten years later, Kmart sold the remaining Kresge stores to fully concentrate on discount merchandising.
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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.
Sebastian Spering Kresge began his dime store career as a partner of J.G. McCrory, owner of a dime store chain. The two opened stores in Detroit and Memphis. Kresge sold his interest in the Memphis store to open his own store, the S.S. Kresge store on Woodward Avenue between Grand River Avenue and State Street.
Dec 29, 2022 · Kresge Stores Take Shape. He invested $6,700 of his savings into a five-and-dime store in Memphis, Tennessee, in 1897, that he co-owned with former customer John McCrory. They added a second store in Detroit the following year, with Kresge eventually trading McCrory his share in the Memphis store for full ownership of the Detroit store and ...
Two years later they traded interests, and Kresge became sole owner of the Detroit operation. He managed the store and opened seven others in major Midwest cities with his brother-in-law Charles Wilson under the firm name of Kresge & Wilson. By 1907 Kresge bought out Wilson and established the S.S. Kresge Company. When the firm was incorporated ...
Kresge purchased retail competitor Holmes, Tolle & Evans and a store owned by Woolworth’s brother, H. G. Woolworth. By 1912, Kresge had incorporated his company in Delaware, operating 85 stores with $10.3 million in sales.
RETAILING LEGEND IS BORN. More than one hundred years ago, Sebastian Spering Kresge opened a modest five-and-dime store in downtown Detroit ... and changed the entire landscape of retailing. The store that Kresge built has evolved into an empire.
Nov 17, 2023 · The third component was the pervasive dime store, also known as variety stores, “five and tens,” or “the syndicates.” Led by the giant F.W. Woolworth company which had in 1913 built the tallest building in the world for its New York headquarters, other chains included W.T. Grant, S.S. Kresge, Newberry’s, McCrory’s, G.C. Murphy, and ...
