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S. S. Kresge. 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 ...
The S.S. Kresge Company made notable contributions to Detroit architecture, specifically the Kresge Building (now the Kales Building) on Grand Circus Park, an Albert Kahn design that served as company headquarters from 1914-1930. The second headquarters, on Second Avenue at Cass Park, was world headquarters from 1930-1972 and was also a Kahn ...
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. While floorplans expanded and merchandise offerings swelled, Kresge focused on keeping the average cost of items low and affordable.
Mar 19, 2024 · By 1907 Kresge bought out Wilson and established the S.S. Kresge Company. When the firm was incorporated only five years later, it was capitalized at $7,000,000 and included 85 stores in the North and Midwest. Kresge’s original stores sold a wide selection of goods for 10 cents or less.
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 ...
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.
In June 1924, at the age of 57 and on the occasion of his company’s 25th anniversary, he established The Kresge Foundation “for the benefit of mankind” with an initial $1.3 million gift. Although located in the same building until 1965, The Kresge Foundation was and remains a separate entity from S.S. Kresge Co. and its successor, Kmart Corp.
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