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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.
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 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.
Nov 24, 2018 · By 1929 and the start of the depression, Kresge expanded into Canada. At the time of his death in 1966 at the age of 99, Kresge had created an empire of 930 stores. In 1962 the company had established the Kmart chain, and while that chain flourished, S.S. Kresge Co started to decline by 1976.
- The Origins of Kmart
- The Growth of Kmart
- The Blue Light Specials
- Early Signs of Decay & The First Bankruptcy
- Hanging by A thread?
- Where Did It All Go Wrong For Kmart?
- Final Thoughts
As of the time of writing this, there are just three Kmarts left. But during its heyday, there were well over 2,000 of them. But where did this store with the giant K come from? One of the most interesting things is that back in 1962, both Kmart and Walmart started within a few months of each other. Kmart seemed to have a bigger rise to prominence ...
Kresge obviously had a good handle on how retail stores operated. He also knew how to grow and expand them. Kmart was no different. The store rapidly expanded, and by 1977, Kmart was making a majority of the money for the Kresge Company. This is when they would change the name of the company to the Kmart Corporation. Kmarts were now everywhere, and...
Not to be confused with a red light special… This was actually a pretty ingenious piece of marketing. And it also may have been a bit ahead of its time. The blue light special started all the way back in the late 60s and ran until 1991. The concept seems pretty simple, but that’s what made it so effective. In case you don’t remember this, Kmart wou...
We often think of the downfall of Kmart happening in the last decade or so, but this was already the case in the 1980s and going into the 90s. Remember, by the end of the 80s, these stores had already been around for nearly 30 years. Many of them were getting rundown and looked outdated. And by the end of the 80s, the company had expanded to much m...
This story starts in the early 60s, picks up huge traction in the 1980s, peaks in 1994, then slowly begins a descent. We pick things up in 2006. Unbeknownst to us, Sears and Kmart are now essentially the same company. At their peak in 1994, there were 2,486 Kmart stores. In 2006, there were only 1388. This was a massive drop over that twelve-year p...
After looking back at all this, Kmart reminds me of the Black Knight from Monty Python. Despite being chopped down to size, he somehow remains and refuses to recognize his defeat (‘tis but a scratch). As usual, you can’t pinpoint the downfall of a company to one thing. There are obviously several that caused the decline of Kmart. I think the first ...
The last time I was in a Kmart was about 6 years ago. And it felt like I was walking back into the past. Yes, products and prices change, but the store didn’t seem to. Every time I walked into a Kmart, it felt like going into a time machine as everything seemed the same as when I was a kid. I’ll be honest, the Kmarts I had been to weren’t exactly t...
Sebastian S. Kresge started his working life as a traveling salesman, selling tinware for W. B. Bertels Sons & Company of Wilkes-Barre, Pennsylvania. He earned straight commission and traveled the northeastern corner of the U.S. for five years, saving up $8,000.
Dec 29, 2022 · One of the most iconic dime store chains was Kresge, founded in 1899 by Sebastian Spering Kresge. The company, which was later rebranded as Kmart, became a household name and a major player in the retail industry.
