Instructors name
In 1899, A Detroit businessman by the name of Sebastian Kresge opened a five and dime store under the company name S.S. Kersge Corporation. Kersge continued to expand his vision by opening and opened his first Kmart store in 1962. Early in the 1970's Kmart set the tempo for other discount stores by continuing to expand and eliminate other retailers in the process. However, the 1990's brought new marketing ideas and lower prices with the likes of Wal-Mart and Target. The failure of Kmart to innovate and offer competitive prices eventually continued to reduce the dividends and stymied the future improvement of the existing Kmart stores. Kmart's inability to compete, combined with the stock scandal of Martha Stewart forced the company to file Chapter 11 on January 22, 2002. However, after store closings and restructuring, Kmart is beginning to show signs of a comeback. (www.kmartcorp.com)
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