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More than one hundred years ago, Sebastian Spering Kresge opened a modest five-and-dime store in downtown Detroit...and changed the entire landscape of retailing. The store that Kresge built has evolved into an empire of more than 1,500 stores and an Internet presence that reaches millions of customers. The Kmart name has become a symbol of Americana, standing for quality products at low prices.
When Kresge opened his first store in 1899, he sold everything for 5 and 10 cents. The low prices appealed to shoppers and allowed him to expand to 85 stores in 1912, with annual sales of more than $10 million.
The first Kmart discount department store opened in 1962 in Garden City, Michigan. Seventeen additional Kmart stores opened that year, leading to corporate sales of more than $483 million that year.
Kmart is moving forward with the kind of determination that would have made S.S. Kresge proud. The Company currently employs more than 133,000 associates, a far cry from the staff of 18 first employed at Kresge's five-and dime. We have a good business plan, a strong core portfolio of stores, customer loyalty earned over many years, and the will to succeed. As Kmart continues to operate stores across the country, customers can be assured that their communities will always have a broad selection of top-quality products at exceptional values.