Book Kmart

[Luciana]

Priorto 2018, Kmart owned and operated a much larger chain of Kmart stores. The company is headquartered in Hoffman Estates, Illinois, United States.The company was incorporated in 1899 as S. S. Kresge Corporation and renamed Kmart Corporation in 1977.[10] The first store with the Kmart name opened in 1962 in Garden City, Michigan.[11] At its peak in 1994, Kmart operated 2,486 stores globally, including 2,323 discount stores and Super Kmart Center locations in the United States.[12][13][14][15] From 2005 through 2019, Kmart was a subsidiary of Sears Holdings Corporation.[16] Since 2019, Kmart has been a subsidiary of Transform SR Brands LLC, a privately held company that was formed in 2019 to acquire assets from Sears Holdings.

S. S. Kresge, the founder of the company that would become Kmart, met variety-store pioneer Frank Winfield Woolworth while working as a traveling salesman and selling to all 19 of Woolworth's stores at the time. In 1897, Kresge invested $6,700 saved from his job into a five-and-dime store in Memphis, Tennessee. He jointly owned the first store with his former tinware customer, John McCrory.[17] Kresge and McCrory added a second store in downtown Detroit the following year. These were the first S.S. Kresge stores.[18][19][20] After two years of partnership, he traded McCrory his share in the Memphis store, plus $3,000, for full ownership of the Detroit store, and formed the Kresge & Wilson Company with his brother-in-law, Charles J. Wilson.[19][20]

In 1912, Kresge incorporated the S.S. Kresge Company in Delaware with 85 stores. In 1916, Kresge incorporated a new S.S. Kresge Company in Michigan and took over the operations of the original company; the new company in Michigan is the modern day Kmart company. 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 million and owned real estate of the approximate value of $100 million.[21][better source needed] Growth early in the 20th century remained brisk, with 257 stores in 1924, rising to 597 stores by 1929. Kresge retired as president in 1925. The Great Depression reduced profitability and resulted in store closings, but the number rose to 682 in 1940. After the war, shopping patterns changed and many customers moved out of the cities into the suburbs.

Under the leadership of executive Harry Cunningham, S.S. Kresge Company opened the first Kmart-named store, at 27,000 square feet (2,500 square meters), which was referred to by Kresge as a "bantam" Kmart and was in fact originally intended to be a Kresge store until late in the planning process, on January 25, 1962, in San Fernando, California,[22] just six months before the first Walmart opened, while the first ground-up full-size Kmart with 80,000 square feet (7,400 square meters), opened on March 1, 1962, in Garden City, Michigan. Cunningham and Sam Walton were both inspired by Ann & Hope, which they each visited in 1961.[23][24] Sixteen more Kmart stores opened in 1962. Kmart Foods, a now-defunct chain of Kmart supermarkets, opened in that decade. Though the store chain continued to open Kmart branded stores, the store chain was still officially known as S.S. Kresge Company.

Around the time of the opening of the first Kmart, some poorly performing S.S. Kresge stores were converted to a new "Jupiter Discount Stores" brand, which was conceived as a bare-bones, deep discount outfit. During the 1970s, Kmart put a number of competing retailers out of business. Kresge, Jupiter and Kmart stores mainly competed with other store chains like Zayre, Ames, Bradlees, Caldor, Hills, and those that were operated by MMG-McCrory Stores (McCrory, McLellan, H.L. Green, J.J. Newberry, S.H. Kress, TG&Y, Silver's and eventually G.C. Murphy Co.). In 1977, S.S. Kresge Company changed its name to K Mart Corporation.

In 1987, the Kmart Corporation sold its remaining 76 Kresge and Jupiter stores in the United States to McCrory Stores,[28] and the brands were almost entirely discontinued, although Canadian Kresge and Jupiter stores continued to operate until 1994.[29]

Until November 1990, when it was passed by Walmart, Kmart was the second-largest retailer in the United States, after Sears.[32] During the 1980s, the company's fortunes began to change; many of Kmart's stores were considered to be outdated and in decaying condition. In the late 1980s and into the 1990s, the corporate office shifted much of its focus from the Kmart stores to other companies it had acquired or created, such as Sports Authority, Builders Square, and Waldenbooks.

The Blue Light Special was a sale promotion within the store for a short period within store hours only. It was advertised using a rotating blue light, in the same style a police car used, and was announced over the store public address system with the phrase "attention Kmart shoppers", a phrase which became a pop culture reference.[33] The original concept for the Blue Light Special was a limited-time offer to sell slower-moving merchandise.[34] The sale was first introduced in 1965[35] and was retired in 1991.[36]

Starting in the 2000s, Kmart would repeatedly bring back the Blue Light Special. This was done first in 2001, but was discontinued again in 2002. The sale was briefly revived in 2005, though Kmart at that time had no plans to use the concept long-term.[37] Blue Light Specials were revived again in 2009 on Saturdays, offering surprise hour-long sales on selected merchandise, but they were again discontinued. Blue Light Specials were revived once again in November 2015.[35]

In 1990, in an effort to update its image, Kmart introduced a new logo. It dropped the old-style italic "K" with a turquoise "mart" in favor of a red block letter K with the word "mart" written in script and contained inside the "K". Kmart then began remodeling stores shortly thereafter. This logo was replaced in 2004 with the current logo. In 1990, Little Caesars Pizza opened its first in-store Kmart restaurant in Rochester, Michigan[38] (coincidentally, both Little Caesars and Kmart were founded in Garden City, Michigan, in 1959 and 1962 respectively). In 1995, Kmart also tried to reinvent itself by using the short-lived name Today's Kmart.[39]

The company also began to offer exclusive merchandise by Martha Stewart, Kathy Ireland, Jaclyn Smith, Lauren Hutton, and Thala. Other recognizable brands included exclusively licensed merchandising of products relating to Sesame Street and Disney. Actress and television personality Rosie O'Donnell and actress/director and producer Penny Marshall became among the company's most recognized spokespersons.[43]

Super Kmart Center (Super Kmart) opened an all-new location on July 25, 1991, in Medina Township, Ohio, featuring a full-service grocery with a full-service deli, seafood counter and bakery. It also had general merchandise like many Kmarts had.[44] However, this location was downsized in 2011 and was one of a number of Kmarts closed in early 2012 following poor Christmas 2011 sales.[45] The second ground-up Super Kmart Center opened in Copley Township, Ohio, featuring an in-store video rental center, and an in-store carryout Chinese restaurant.[46] This location has also shut down.[47] The last Super Kmart Center in Howland Township, Ohio, closed on April 8, 2018.[48] After the Medina and Copley stores opened, many more Super Kmarts opened nationwide. The largest super Kmart store was in Euclid, Ohio, as it was a former Hypermart.[citation needed]Big Kmart opened in Chicago, Illinois, on April 23, 1997.[49] The format focuses on home fashions, children's apparel, and consumables (The Pantry).[47] Most Kmart stores were remodeled to this format during the late 1990s and the early 2000s. During 1997 and 1998, Kmart converted 1,245 of their regular Kmart stores into Big Kmart stores. Initially, the Big Kmart stores were successful, and by the end of 1997, Kmart sales numbers had grown by 10% thanks to their Big Kmart stores. In 1998, Kmart acquired 45 former Venture stores and converted them into Big Kmart stores.[50] By the end of 1998, 62% of Kmart's stores were Big Kmart stores. Kmart converted nearly 1,900 of their regular Kmart stores into Big Kmart stores in 1999, resulting in further improvements in sales figures. The last Big Kmart in Marshall, Michigan, closed on November 22, 2021.[51]

Kmart's profitability and sales peaked in 1992, and the later decline is attributed to competition with Walmart, Target, and internet shopping.[10] In 1994, Kmart announced they would close 110 stores.[52] Unlike its competitors Walmart and Target, Kmart failed to invest in computer technology to manage its supply chain. Furthermore, Kmart maintained a high dividend, which reduced the amount of money that was available for improving its stores. Many business analysts also faulted the company for failing to create a coherent brand image.

In September 1995, Kmart sold its money-losing in-store auto repair centers to Penske Corporation for $112 million to operate them as Penske Auto Centers.[53][54] Penske later closed the auto repair centers in 2002 as a result of a payment dispute with Kmart.[55][56]

In 1997, Kmart launched the Kmart Cash Card as a replacement for the paper gift certificates and to facilitate the return process.[57]In July 1999, Kmart hired SuperValu and Fleming to distribute $3.9 billion worth of food and other related products to all Kmart stores.[58]

Also in 2000, Kmart expanded the Martha Stewart Everyday Garden Collection to include live plants and seeds.[60] Kmart also launched the Martha Stewart Everyday Kitchen, which is a complete line of housewares essentials.[61]

In July 2000, Kmart closed 72 underperforming stores, while opening 20 new Big Kmart stores, converting 12 regular Kmart stores into Super Kmart Center stores, and opening 5 new Super Kmart Center stores.[62] The company announced a planned major restructuring, in which Kmart would invest in new customer check-out and new inventory management technology and other related systems.[63]

3a8082e126