S. S. Kresge
Appearance in his mid-50s
Sebastian Spering Kresge
July 31, 1867
|Died||October 18, 1966 99) (aged|
|Alma mater||Eastman Business College|
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. Eventually, it was brought together with Sears into the Sears Holdings Corporation.
Kresge was born near Allentown, Pennsylvania, the son of Sebastian Kresge and the former Catherine Kunkle. Living on the family farm in Kresgeville (named for his ancestors) until he was 21 years old, he was educated in the local public schools, the Fairview Academy, in Brodheadsville, Pennsylvania, and at the Eastman Business College in Poughkeepsie, New York, from which he graduated in March 1889.[ citation needed ]
Following his graduation, he clerked in a hardware store for two years, then worked as a traveling salesman from 1892 to 1897.[ citation needed ] On March 20, 1897, Kresge began working for James G. McCrory, the founder of J.G. McCrory's, at a five and ten cent store in Memphis, Tennessee. He continued there for two years.[ citation needed ]
In 1899 he founded his own company, with Charles J. Wilson, with an $8,000 investment in two five-and-ten-cent stores; one was in downtown Detroit, Michigan, for which he traded ownership in McCrory's.[ citation needed ] In 1912, he incorporated the S.S. Kresge Company with 85 stores. The company was first listed on the New York Stock Exchange on May 23, 1918. During World War I, Kresge experimented with raising the limit on prices in his stores to $1.[ citation needed ]
In 1923, he started a new company, buying out a large traditional department store in Newark, New Jersey. He renamed the store Kresge-Newark, expanded it, and started branch stores. The new department store company was completely independent from the S.S. Kresge discount department store company. 5,000,000,000 in 2009 dollars ) and owned real estate of the approximate value of $100,000,000.By 1924, Kresge was worth approximately $375,000,000 ($
He was married and divorced at least twice by 1928.Kresge and his family were members of Detroit's North Methodist Episcopal Church. He held membership in numerous organizations including four Masonic lodges and the Ancient Arabic Order of the Nobles of the Mystic Shrine, YMCA, the Detroit Athletic, Boat, and Golf Clubs, Rotary, and various commercial and automobiling societies.
Kresge died on October 18, 1966, at the age of 99.
The first Kmart opened in 1962 in Garden City, Michigan. Kresge died in 1966. In 1977, the S. S. Kresge Corporation changed its name to the Kmart Corporation. In 2005, Sears Holdings Corporation became the parent of Kmart and Sears, after Kmart bought Sears, and formed the new parent.
In 1924, Kresge established The Kresge Foundation, a non-profit organization whose income he specified simply "to promote the well-being of mankind". By the time of his death, Kresge had given the foundation over $60,000,000.A strongly committed prohibitionist, he organized the National Vigilance Committee for Prohibition enforcement and also heavily supported the Anti-Saloon League financially, though he later stopped contributions. By 2018, the Foundation's endowment had grown to $3.6 billion.
Numerous places have been named after Kresge:
Kmart Corporation, is an American big box department store chain headquartered in Hoffman Estates, Illinois, United States. The company was incorporated in 1899 as S. S. Kresge Corporation and renamed Kmart Corporation in 1977. The first store with the Kmart name opened in 1962. At its peak in 1994, Kmart operated 2,486 stores globally, including 2,323 discount stores and Super Kmart Center locations in the United States. From 2005 through 2019, Kmart was a subsidiary of Sears Holdings Corporation and is now a subsidiary of Transform SR Brands LLC.
Sears, Roebuck and Co., colloquially known as Sears, is an American chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1893, and was reincorporated by Richard Sears and Julius Rosenwald in 1906. Formerly based at the Sears Tower in Chicago and currently headquartered in Hoffman Estates, Illinois, the operation began as a mail ordering catalog company and began opening retail locations in 1925. The first location was in Chicago, Illinois. In 2005, the company was bought by the management of the American big box chain Kmart, which formed Sears Holdings upon completion of the merger.
A variety store is a retail store that sells general merchandise, such as apparel, automotive parts, dry goods, hardware, home furnishings, and a selection of groceries. It usually sells them at discounted prices, sometimes at one or several fixed price points, such as one dollar, or historically, five and ten cents. Variety stores do not include larger formats: general merchandise superstores (hypermarkets) such as Target and Walmart. Warehouse clubs like Costco, grocery stores, and department stores are also not considered variety stores.
Kresge may refer to:
A discount store or discount shop is a term that has been used over time and across different countries for a number of different retail formats, all of which sell products at prices that are in principle lower than the regular retail price.
McCrory Stores or J.G. McCrory's was a chain of five and dime stores in the United States based in York, Pennsylvania. The stores typically sold shoes, clothing, housewares, fabrics, penny candy, toys, cosmetics, and often included a lunch counter or snack bar. They also exclusively sold Oriole Records, one of the most popular 'dime store labels' from 1921 to 1938.
G.C. Murphy was a chain of five and dime or variety stores in the United States from 1906 to 2002. They also operated Murphy's Mart, Bargain World, Terry & Ferris and Bruners, and Cobbs stores.
Kmart Australia Limited is an Australian-based chain of affordable retail stores owned by Wesfarmers. The company operates 234 stores across Australia and New Zealand, consisting of 209 stores in Australia and 25 stores in New Zealand, with its head office located in Mulgrave, Melbourne.
The Kresge Foundation is a philanthropic private foundation headquartered in Troy, Michigan, United States. The foundation works to expand opportunities in America’s cities through grantmaking and investing in arts and culture, education, environment, health, human services and community development efforts.
Southgate Shopping Center is a shopping center located at the southeast corner of Eureka and Trenton Roads in Southgate, Michigan. Completed by 1958, it was one of the first major strip malls in the southern Detroit suburbs until the nearby Southland Center opened in 1970. At its peak, the center housed over thirty stores.
Livonia Marketplace is an open-air shopping mall in the Detroit suburb of Livonia, Michigan. Opened in 2010, the center is anchored by Kohl's and Walmart. It occupies the site of the former Livonia Mall, which was an enclosed mall built in 1964. Livonia Mall lost the majority of its tenants in the 2000s, including its previous anchor stores of Crowley's, Sears, Mervyns, and Children's Palace. The mall was closed in May 2008, with only the Sears remaining from the original property. Sears closed in April 2020.
Oakland Mall is an enclosed super-regional shopping mall located in the city of Troy, Michigan, a suburb of Detroit. It is located in the northwest corner of the intersection of 14 Mile and John R. roads, adjacent to Interstate 75. The mall features 116 stores, including a food court, plus several big box stores on the periphery. The mall has 1,500,000 square feet (140,000 m2). The anchor stores are Macy's, JCPenney, Dick's Sporting Goods, and At Home.
Kresge-Newark was an upper-middle market department store based in Newark, New Jersey. The firm was started in the 1920s when its founder Sebastian Kresge purchased the L.S. Plaut Department store in downtown Newark and rebranded the business Kresge-Newark. This store had no management connection to the S.S. Kresge 5 & 10 chain based in Detroit, Michigan. In 1926, Kresge replaced the original Plaut store, nicknamed "The Bee Hive," which had been built in 1891, with a larger flagship store that occupied the entire city block, between Broad and Halsey streets, and Cedar Street and Raymond Boulevard. It contained more than 600,000 square feet (56,000 m2) of selling space on ten levels. Such was the store's prominence in the city that in 1927 it arranged to have an underground streetcar platform opened at its basement level, allowing customers to come in directly from streetcars; the only access was through the Kresge store on one side of the platform and McCrory’s on the other side.
Chase-Newark was a short lived, upper middle-market department store based in Newark, New Jersey. The company also operated 2 suburban stores during its three-year history.
The Metropolitan Center for High Technology, formerly S. S. Kresge World Headquarters, is an office building located at 2727 Second Avenue in Midtown Detroit, Michigan. It was listed on the National Register of Historic Places and designated a Michigan State Historic Site in 1979. The office building is now part of Wayne State University and used as a business incubator for startup companies.
Walter Henry "Wally" Teninga was an American football halfback and businessman. He played for the University of Michigan's undefeated national championship teams in 1947 and 1948 and later became the vice chairman and chief financial officer of the Kmart Corporation.
Sears Holdings Corporation was an American holding company headquartered in Hoffman Estates, Illinois. It was the parent company of the chain stores Kmart and Sears and was founded after the former purchased the latter in 2005. It was the 20th-largest retailing company in the United States in 2015. It filed for Chapter 11 bankruptcy on October 15, 2018 and sold its assets to ESL Investments in 2019. The new owner moved Sears assets to its newly-formed subsidiary Transform Holdco LLC and after that, Sears Holdings Corporation was closed.
Purdy-Kresge Library is a library on the main campus of Wayne State University and is the main research library for the social sciences, humanities, arts education, and business fields. The library is located at 5265 Cass Ave Detroit, Michigan 48202, across the street from the Detroit Public Library. Originally constructed as two separate libraries connected by a single hallway in 1950, the library is now known as one library. The Purdy/Kresge Library offers a traditional library atmosphere, housing a large print collection as well as over 60 computers, and ample study space.
3100 W. Big Beaver Road in Troy, Michigan, USA, is the former international headquarters of Kmart Corporation. The building, on the northwest side of the intersection of W. Big Beaver Road and Coolidge Highway, used to employ thousands of people, but has been vacant since 2006.
Sebastian Spering Kresge, founder of the S.S. Kresge Company's network of 930 general merchandise stores throughout the United States, Canada and Puerto Rico, died today. ...