Kresge's

Kresge's was the name of a store started by S. S. Kresge. 

In 1912, Kresge incorporated the S.S. Kresge Company in Delaware with eighty-five stores. In 1916, Kresge incorporated a new S.S. Kresge Company in Michigan and took over the operations of the original company; the new company in Michigan is the modern day K-Mart company. 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. By 1924, Kresge was worth approximately $375 million and owned real estate of the approximate value of $100 million. Growth early in the 20th Century remained brisk, with 257 stores in 1924, rising to 597 stores by 1929. Kresge retired as president in 1925. The Great Depression reduced profitability and resulted in store closings, with the number reduced to 682 in 1940. After the war, shopping patterns changed and many customers moved out of the cities into the suburbs. The Kresge Company followed them and closed and merged many urban stores; by 1954, the total number of stores in the US had declined to 616.

Subject ID: 46570

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Kresge's was the name of a store started by S. S. Kresge. 

In 1912, Kresge incorporated the S.S. Kresge Company in Delaware with eighty-five stores. In 1916, Kresge incorporated a new S.S. Kresge Company in Michigan and took over the operations of the original company; the new company in Michigan is the modern day K-Mart company. 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. By 1924, Kresge was worth approximately $375 million and owned real estate of the approximate value of $100 million. Growth early in the 20th Century remained brisk, with 257 stores in 1924, rising to 597 stores by 1929. Kresge retired as president in 1925. The Great Depression reduced profitability and resulted in store closings, with the number reduced to 682 in 1940. After the war, shopping patterns changed and many customers moved out of the cities into the suburbs. The Kresge Company followed them and closed and merged many urban stores; by 1954, the total number of stores in the US had declined to 616.

Subject ID: 46570

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