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Essay on K-Mart / Firm's Investment Worthiness
It was originally founded as S.S. Kresge Corporation in 1899 by Sebastian S. Kresge in Detroit, Michigan. The first store was a five-and-ten-cent store similar to those operated by Frank Woolworth. The store grew into a chain known as S. Kresge. By 1912, the chain was operating 85 stores.
By the 1920s, Kresge was operating larger stores that offered a wider variety of merchandise and prices, which were precursors of the modern discount store. The first Kmart department store opened in 1962 in Garden City, Michigan. A total of 18 Kmart stores opened that year.
Kmart was known for its "blue light specials": at surprise moments, a store worker would light up a mobile police light and offer a discount at a part of the store. During the 1970s, Kmart put a number of competing retailers out of business.(Web,1)
S.S. Kresge was a “variety store” that featured low-priced merchandise for cash in low-budget, relatively small buildings with sparse furnishings. The adoption of this concept was pioneered by F.W.Wool worth Company in 1879. Due to the early success of the variety store concept, S.S. Kresge saw rapid and profitable development in its early years. In 1917, the firm was incorporated. It had 150 stores and next to Woolworth’s, was the largest variety chain in the world. Over the next 40 years, the firm experimented with mail-order catalogs, full-line department stores, self-service, a variety of price lines, and the opening of stores in planned shopping centers.
By 1957, management had become aware that there were many different merchandisers that were grabbing the market share of categories of products previously dominated by variety stores. This was mainly due to the expansion of supermarkets and drugstores. In 1957, in an effort to regain its competitiveness, S.S. Kresge placed Harry B. Cunningham in the position of General Vice-President....
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