Sebastian Spering Kresge
| S. S. Kresge | |
|---|---|
Appearance in his mid-50s
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| Born |
Sebastian Spering Kresge July 31, 1867 Allentown, Pennsylvania |
| Died | October 18, 1966 (aged 99) East Stroudsburg, Pennsylvania |
| Nationality | American |
| Alma mater | Eastman Business College |
| Known for | Kmart |
| Parent(s) | Sebastian Kresge Catherine Kunkle |
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, and evolved into today's Sears Holdings Corporation, parent of Kmart and Sears.
Kresge was born in Bald Mountain (near Allentown, Pennsylvania), the son of Sebastian Kresge and the former Catherine Kunkle.
Living on the family farm 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, from which he graduated in March, 1889.
Following his graduation, he clerked in a hardware store for two years, then worked as a traveling salesman from 1892 to 1897.
On March 20, 1897, Kresge began working for James G. McCrory (founder of J.G. McCrory's) at a five and ten cent store in Memphis, Tennessee. He continued there for two years. In 1899, he founded his 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).
In 1912, he incorporated the S.S. Kresge Company with 85 stores. The company was first listed on the on May 23, 1918. During World War I, Kresge experimented with raising the limit on prices in his stores to $1.
In 1923, he started a new company, buying out a large traditional department store in Newark, NJ. He renamed the store Kresge-Newark, expanded it and start branch stores. The new department store company was completely independent from the S.S. Kresge discount department store company.
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