The Visionary Behind the Kmart Empire: S.S. Kresge

A Pioneer in Discount Retail

S.S. Kresge was a American businessman who revolutionized the retail industry by creating two iconic department store chains: S.S. Kresge Company and Kresge-Newark. The former, which would later be renamed Kmart Corporation in 1977, became one of the largest discount retail organizations of the 20th century.

Early Life and Education

Kresge was born on July 31, 1867, near Allentown, Pennsylvania, to Sebastian Kresge and Catherine Kunkle. He spent his early years living on the family farm in Kresgeville, Pennsylvania, where he developed a strong work ethic. Kresge received his education from the local public schools, Fairview Academy in Brodheadsville, Pennsylvania, and Eastman Business College in Poughkeepsie, New York, graduating in March 1889.

A Career Built on Entrepreneurial Spirit

After completing his education, Kresge worked as a clerk in a hardware store for two years, followed by a stint as a traveling salesman from 1892 to 1897. In 1897, he joined James G. McCrory's five and ten cent store in Memphis, Tennessee, where he gained valuable experience. This led him to found his own company, S.S. Kresge Company, in 1897, along with Charles J. Wilson, with an initial investment of $8,000 in two five and ten cent stores. The company's growth was rapid, and by 1912, it had incorporated with 85 stores.

Innovations and Milestones

• In 1918, S.S. Kresge Company was listed on the New York Stock Exchange.
• During World War I, Kresge experimented with raising the price limit in his stores to $1.
• In 1923, he founded Kresge-Newark, a traditional department store in Newark, New Jersey, which would operate independently from his discount department store company.

Financial Impact and Legacy

By 1924, Kresge's net worth was approximately $375 million, equivalent to $3.83 billion in 2009 dollars. He owned real estate valued at approximately the same amount. His legacy extends beyond his financial success, as he pioneered the concept of discount retail, making quality products accessible to the masses.

Personal Life and Philanthropy

Kresge remained a private individual, with little recorded about his personal life. However, his philanthropic efforts are well-documented, particularly his support for the Kresge Foundation, which focused on education, healthcare, and community development.

A Lasting Impact on Modern Society

S.S. Kresge's innovative approach to retail transformed the way people shopped, paving the way for future discount retailers. His legacy continues to influence modern society, with Kmart Corporation remaining a household name. As a pioneer in the retail industry, Kresge's contributions will be remembered for generations to come.

Trivia and Fun Facts

• Kresgeville, Pennsylvania, was named after Kresge's ancestors.
• Kresge's initial investment of $8,000 in 1897 is equivalent to approximately $250,000 today.

By the time of his passing on October 18, 1966, S.S. Kresge had left an indelible mark on the retail industry, cementing his place as one of the most influential businessmen of the 20th century.