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American businessman
- 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.
en.wikipedia.org/wiki/S._S._Kresge
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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.
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.
S.S. Kresge Company. Before discount stores, there were variety “dime stores,” called so because products sold for either a dime or a nickel. Kresge, founded in 1899, was a Detroit-born dime store where shoppers could find daily needs such as housewares, linens, clothing, school supplies, and toys.
By 1899, Kresge was the full owner and manager of that store, and the S.S. Kresge Co. was born. Business boomed as the trend of chain discount stores took off across America. Kresge’s experience working through the depressive 1890s gave him a spendthrift attitude that served him and his growing business well.
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 ...
Jun 11, 2024 · He began as a stock boy; after college he served as a loyal S.S. Kresge Co. executive for 37 years and a foundation trustee for a whopping 55 years. But there was no expectation for subsequent generations to work for the company or serve the foundation.
S. S. Kresge worked hard, spent his money only when necessary, and saved it wisely. This penny-pinching attitude, which began early in life, led him to become an extremely successful businessman and a generous multimillionaire.
