Kmart
The Kmart as we know today wasn’t always the nation’s second largest discount retailer and the world’s third largest general merchandise retailer. Kmart was born in 1899 by the ideas of S. S. Kresge. Mr. Kresge opened a variety store in Detroit and sold everything for 5 and 10 cents. These low prices appealed to the shoppers and brought success to this variety store. In 1912, Mr. Kresge had already opened 85 stores and was incorporated in Delaware. S. S. Kresge Company was then reincorporated in Michigan four years later in 1916. Inflation during World War I forced Mr. Kresge to raise his prices to 25 cents. Yet the open displays and convenient locations continued to attract customers and the business persisted to grow. In 1959, Harry Cunningham became president of the Kresge organization. Under Cunnigham’s leadership, Garden City, MI, became home of the first Kmart discount department store in 1962. Seventeen additional stores opened in 1962, which led to corporate sales of more than $483 million in that year. By 1977, nearly 95 percent of S.S. Kresge Company sales were generated by Kmart stores. To reflect this development, the company then changed its name to Kmart Corporation. Ten years later, Kmart sold the
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Approximate Word count = 2262
Approximate Pages = 9 (250 words per page double spaced)
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