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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 ...
Following his 1889 graduation, Kresge worked at a variety of jobs including bookkeeper and half-owner of a bakery. It was while selling hardware that he met F.W. Woolworth, the man who began the “five and dime” stores. Influenced by Woolworth’s success, Kresge invested $8,000 he had saved into the J.G. McCrory store chain in 1897.
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Oct. 18, 1966, East Stroudsburg, Pa. (aged 99) 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. Kresge worked as a traveling salesman before going into business with one of ...
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 1921, the company opened “green front” stores that ...
S. S. Kresge Company1907–1925. Industry: Retail. Era: 1900. Kresge built the precursor to K-Mart, one of the first mass discounters. He started with ten-cent stores and developed full-fledged variety stores. By his retirement, his chain had almost 600 United States stores, a Canadian subsidiary, and annual sales of $156 million.
Merchant — Humanitarian — Philanthropist. 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 ...
Jul 3, 1985 · Stanley Kresge was born June 11, 1900, in Detroit. He graduated from Albion College in 1923, the year he joined the chain as a stockboy to learn the business from the ground up. He is survived by ...
