S. S. Kresge
Encyclopedia
Sebastian Spering Kresge (July 31, 1867 – October 18, 1966), was the founder of the S. S. Kresge Company, one of the 20th century's largest and best-known retail organizations. The company was renamed the Kmart Corporation in 1977, and evolved into today's Sears Holdings Corporation
, parent of Kmart and Sears.
), the son of Sebastian Kresge and Catherine Kunkle.
Living on the family farm until he was 21 years old, he was educated in the local public schools, at 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 started with James G. McCrory (founder of J.G. McCrory's
) at a five and ten cent store in Memphis, Tennessee
. He continued in this for two years, then in 1899 founded his company with Charles J. Wilson with an $8,000 investment in two five-and-ten-cent stores, one in downtown Detroit, Michigan (for which he traded ownership in McCrory's).
In 1912, he incorporated the S.S. Kresge Corporation with 85 stores. 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 $375,000,000 (in 1924 dollars; around $ in 2009 dollars) and owned real estate of the approximate value of $100,000,000 (see Farid-Es-Sultaneh v. Commissioner
, 160 F.2d 812 (2d Cir. 1947)). He was married and divorced at least twice by 1928. (see Farid-Es-Sultaneh, ibid).
Kresge died on October 18, 1966, nine months shy of his 100th birthday.
opened in 1962. Kresge died in 1966. In 1977, the S. S. Kresge Corporation changed its name to the Kmart
Corporation. In 2005, Sears Holdings Corporation
became the parent of Kmart and Sears, after Kmart bought Sears, and formed the new parent.
In 1924, Kresge established The Kresge Foundation
, a non-profit organization
whose income he specified simply "to promote the well-being of mankind." By the time of his death, Kresge had given the foundation over $60 million. A strongly committed prohibition
ist, he organized the National Vigilance Committee for Prohibition enforcement and also heavily supported the Anti-Saloon League
financially, though he later stopped contributions.
The Purdy-Kresge Library at Wayne State University
Sears Holdings Corporation
Sears Holdings Corporation is a retail conglomerate formed in 2005 by the merger of Sears, Roebuck and Co., of Hoffman Estates, Illinois, with Kmart Holdings Corporation, of Troy, Michigan...
, parent of Kmart and Sears.
Biography
Kresge was born in Bald Mountain (near Wilkes-Barre, PennsylvaniaWilkes-Barre, Pennsylvania
Wilkes-Barre is a city in the U.S. state of Pennsylvania, the county seat of Luzerne County. It is at the center of the Wyoming Valley area and is one of the principal cities in the Scranton/Wilkes-Barre metropolitan area, which had a population of 563,631 as of the 2010 Census...
), the son of Sebastian Kresge and Catherine Kunkle.
Living on the family farm until he was 21 years old, he was educated in the local public schools, at the Fairview Academy, in Brodheadsville, Pennsylvania, and at the Eastman Business College
Eastman Business College
The Eastman Business College was a business school located in Poughkeepsie, New York.It was founded in 1859 by Harvey G. Eastman, and was for a time one of the largest commercial schools in the United States....
, 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 started with James G. McCrory (founder of J.G. McCrory's
McCrory Stores
J.G. McCrory's or McCrory Stores was a chain of five and dime stores in the United States based in York, Pennsylvania. The stores typically sold shoes, clothing, housewares, fabrics, penny candy, toys, cosmetics, and often included a lunch counter or snack bar...
) at a five and ten cent store in Memphis, Tennessee
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
. He continued in this for two years, then in 1899 founded his company with Charles J. Wilson with an $8,000 investment in two five-and-ten-cent stores, one in downtown Detroit, Michigan (for which he traded ownership in McCrory's).
In 1912, he incorporated the S.S. Kresge Corporation with 85 stores. The company was first listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
on May 23, 1918. During World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, Kresge experimented with raising the limit on prices in his stores to $1.
By 1924, Kresge was worth approximately $375,000,000 (in 1924 dollars; around $ in 2009 dollars) and owned real estate of the approximate value of $100,000,000 (see Farid-Es-Sultaneh v. Commissioner
Farid-Es-Sultaneh v. Commissioner
Farid-Es-Sultaneh v. Commissioner, 160 F.2d 812 is a United States federal income tax case. It is notable for the following holding:...
, 160 F.2d 812 (2d Cir. 1947)). He was married and divorced at least twice by 1928. (see Farid-Es-Sultaneh, ibid).
Kresge died on October 18, 1966, nine months shy of his 100th birthday.
Legacy
The first KmartKmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
opened in 1962. Kresge died in 1966. In 1977, the S. S. Kresge Corporation changed its name to the Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
Corporation. In 2005, Sears Holdings Corporation
Sears Holdings Corporation
Sears Holdings Corporation is a retail conglomerate formed in 2005 by the merger of Sears, Roebuck and Co., of Hoffman Estates, Illinois, with Kmart Holdings Corporation, of Troy, Michigan...
became the parent of Kmart and Sears, after Kmart bought Sears, and formed the new parent.
In 1924, Kresge established The Kresge Foundation
The Kresge Foundation
The Kresge Foundation is a U.S. philanthropic private foundation headquartered in Troy, Michigan. The goals and aspirations of seven programs guide its grantmaking and investing. Those programs are Arts & Culture, Community Development, Detroit, Education, Environment, Health, and Human Services...
, a non-profit organization
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
whose income he specified simply "to promote the well-being of mankind." By the time of his death, Kresge had given the foundation over $60 million. A strongly committed prohibition
Prohibition
Prohibition of alcohol, often referred to simply as prohibition, is the practice of prohibiting the manufacture, transportation, import, export, sale, and consumption of alcohol and alcoholic beverages. The term can also apply to the periods in the histories of the countries during which the...
ist, he organized the National Vigilance Committee for Prohibition enforcement and also heavily supported the Anti-Saloon League
Anti-Saloon League
The Anti-Saloon League was the leading organization lobbying for prohibition in the United States in the early 20th century. It was a key component of the Progressive Era, and was strongest in the South and rural North, drawing heavy support from pietistic Protestant ministers and their...
financially, though he later stopped contributions.
Namesakes
Several places have been named after Kresge:- The Kresge Eye InstituteKresge Eye InstituteThe Kresge Eye Institute in Detroit, Michigan is a leading medical center for the preservation of sight and has an international reputation for its pioneering eye research program, basic science studies and as a major referral center for the treatment of difficult vision problems.-History:Founded...
at Wayne State UniversityWayne State UniversityWayne State University is a public research university located in Detroit, Michigan, United States, in the city's Midtown Cultural Center Historic District. Founded in 1868, WSU consists of 13 schools and colleges offering more than 400 major subject areas to over 32,000 graduate and...
, established through a grant from the Kresge Foundation - The Kresge Science Complex at Albion CollegeAlbion CollegeAlbion College is a private liberal arts college located in Albion, Michigan. Related to the United Methodist Church, it was founded in 1835 and was the first private college in Michigan to have a chapter of Phi Beta Kappa. It has a student population of about 1500.The school's sports teams are...
, in Albion, MichiganAlbion, MichiganAlbion is a city in Calhoun County in the south central region of the Lower Peninsula of the US state of Michigan. The population was 9,144 at the 2000 census and is part of the Battle Creek Metropolitan Statistical Area... - A street in Amherst, OhioAmherst, Ohio-Demographics:As of the census of 2000, there were 11,797 people, 4,459 households, and 3,388 families residing in the city. The population density was 1,646.1 people per square mile . There were 4,603 housing units at an average density of 642.3 per square mile...
, Kresge Drive - Kresge CollegeKresge CollegeKresge College is one of the residential colleges that make up the University of California, Santa Cruz. Founded in 1971, Kresge is located on the western edge of the UCSC campus. Kresge is the sixth of ten colleges at UCSC, and originally one of the most experimental. The first provost of Kresge,...
, a residential collegeResidential collegeA residential college is an organisational pattern for a division of a university that places academic activity in a community setting of students and faculty, usually at a residence and with shared meals, the college having a degree of autonomy and a federated relationship with the overall...
at the University of California, Santa CruzUniversity of California, Santa CruzThe University of California, Santa Cruz, also known as UC Santa Cruz or UCSC, is a public, collegiate university; one of ten campuses in the University of California... - The Kresge AuditoriumKresge AuditoriumKresge Auditorium is an auditorium building for the Massachusetts Institute of Technology, located at 48 Massachusetts Avenue, Cambridge, Massachusetts. It was designed by the noted architect Eero Saarinen, with ground-breaking in 1953 and dedication in 1955...
at the Massachusetts Institute of TechnologyMassachusetts Institute of TechnologyThe Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in... - The Kresge Auditorium at Stanford University, recently torn down
- One of Carnegie Mellon College of Fine ArtsCarnegie Mellon College of Fine ArtsThe College of Fine Arts at Carnegie Mellon University in Pittsburgh, Pennsylvania, USA oversees the Schools of Architecture, Art, Design, Drama, and Music; along with its associated centers, studios, and galleries....
' theaters - The Kresge Library at Oakland UniversityOakland UniversityOakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
in Rochester, MichiganRochester, MichiganRochester is an affluent city in north Oakland County in the U.S. state of Michigan on the northern outskirts of metro Detroit. The population was 12,711 at the 2010 census... - The Kresge Library at University of MichiganUniversity of MichiganThe University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
Ross School of BusinessRoss School of BusinessThe Stephen M. Ross School of Business is the business school of the University of Michigan. Numerous publications have ranked the Ross School of Business' Bachelor of Business Administration , Master of Business Administration and Executive Education programs among the top in the country and the... - The Kresge Physical Sciences Library at Dartmouth CollegeDartmouth CollegeDartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences...
- Kresge Chapel on the campus of Claremont School of TheologyClaremont School of TheologyClaremont School of Theology is a graduate school located in Claremont, California, offering Master of Art, Masters of Divinity, Doctorate of Ministry and Ph.D...
- Kresge Hall at Northwestern UniversityNorthwestern UniversityNorthwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
, which currently houses the art and language departments - Kresge Hall at Harvard Business SchoolHarvard Business SchoolHarvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
and the Kresge Building at the Harvard School of Public HealthHarvard School of Public HealthThe Harvard School of Public Health is one of the professional graduate schools of Harvard University, located in the Longwood Area of the Boston, Massachusetts neighborhood of Mission Hill, which is next to Harvard Medical School. HSPH is considered a significant school focusing on health in the... - The Kresge Law Library at the University of Notre DameUniversity of Notre DameThe University of Notre Dame du Lac is a Catholic research university located in Notre Dame, an unincorporated community north of the city of South Bend, in St. Joseph County, Indiana, United States...
was funded, in part, by a grant from the Kresge Foundation. - The Kresge Art Center at Michigan State UniversityMichigan State UniversityMichigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
is his namesake. - The Kresge School of Nursing at the University of Western OntarioUniversity of Western OntarioThe University of Western Ontario is a public research university located in London, Ontario, Canada. The university's main campus covers of land, with the Thames River cutting through the eastern portion of the main campus. Western administers its programs through 12 different faculties and...
was named after Kresge after he donated $200,000 in 1960. http://www.lib.uwo.ca/archives/Nursing/Facility/index.html
The Purdy-Kresge Library at Wayne State University
Sources
- "Kresge, Sebastian S.", The Book of Detroiters, Marquis, Albert Nelson, ed., 1914, p. 291