Kresge, S.S.

▪ American businessman

in full  Sebastian Spering Kresge  

born July 31, 1867, Bald Mount, Pa., U.S.

died Oct. 18, 1966, East Stroudsburg, Pa.

      American merchant who established a chain of nearly 1,000 variety and discount stores throughout the United States.

      Kresge worked as a traveling salesman before going into business with one of his customers, John G. McCrory, the owner of several department and five-and-ten-cent stores. They became partners in 1897 in two new five-and-dime stores in Memphis, Tenn., and Detroit, Mich. Two years later they traded interests, and Kresge became sole owner of the Detroit operation. He managed the store and opened seven others in major Midwest cities with his brother-in-law Charles Wilson under the firm name of Kresge & Wilson. By 1907 Kresge bought out Wilson and established the S.S. Kresge (Kmart) 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. His later stores included items for a price up to one dollar, and after World War II the company expanded into large discount stores in the United States, Puerto Rico, and Canada.

      Kresge also established the Kresge Foundation in 1924 to benefit educational and charitable activities. By the time of Kresge's death in 1966, the foundation had distributed $70,000,000 in grants with a remaining net worth of $175,000,000.

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