Kresge, S(ebastian) S(pering) (1867-1966)

US merchant and philanthropist. In the late 1890s, he bought into J G McCrory's chain stores, opening outlets in Memphis, Tennessee, and in Detroit, Michigan. In 1899 he bought out the Detroit store to begin the S S Kresge Company, which sold nothing over ten cents. He expanded to several midwestern cities and incorporated as S S Kresge in 1912 with 85 stores; by the mid-1920s there were over 300 stores. As chairman of the board from 1925, he continued to play an active role in his company, contributing to the establishment of the Kmart discount stores in 1961 and the Jupiter Stores in 1963.

Kresge was born in Bald Mount, Pennsylvania. After business school he worked as a bookkeeper and a tinware salesman (1890-97). In the 1920s he expanded his S S Krege business into real estate and bought several other stores. He had a $30 million account on Wall Street. Kresge founded the National Vigilance Committee for Prohibition Enforcement and the Kresge Foundation in 1924, a philanthropic organization that he endowed with the bulk of his fortune.