The Evolution of S. S. Kresge

Sebastian Spering “S. S.” Kresge was an American businessman who founded one of the largest retail organizations in the 20th century, S. S. Kresge Company. In 1977, the company was renamed Kmart Corporation and is known today as Sears Holding Corporation.

Kresge was born in Wilkes-Barre, Pennsylvania on July 31, 1867. After finishing college in 1889, Kresge worked for two years in a hardware store as clerk. Thereafter, he worked as a travelling salesman until 1897. Kresge worked with James McCrory at a five and ten cent store.

In 1899, two years after he started with McCrory, Kresge established his own company along with Charles Wilson. They started by investing $8,000 in two five and ten cent stores in Michigan. Kresge’s investment grew to 85 stores and in 1912, he incorporated his company and named it S. S. Kresge Corporation.

Kresge’s net worth was estimated at $375 million in 1924 (about $5 billion in 2009 dollars). His real estate properties were valued at $1 million. Kresge died on October 18, 1966 at 99 years old.