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Introduction The Kmart as we know today wasnt always the nations second largest discount retailer and the worlds third largest general merchandise retailer Kmart was born in 1899 by the ideas of S S Kresge Mr Kresge opened a variety store in Detroit and sold everything for 5 and 10 cents These low prices appealed to the shoppers and brought success to this variety store In 1912 Mr Kresge had already opened 85 stores and was incorporated in Delaware S S Kresge Company was then reincorporated in Michigan four years later in 1916 Inflation during World War I forced Mr Kresge to raise his prices to 25 cents Yet the open displays and convenient locations continued to attract customers and the business persisted to grow In 1959 Harry Cunningham became president of the Kresge organization Under Cunnighams leadership Garden City MI became home of the first Kmart discount department store in 1962 Seventeen additional stores opened in 1962 which led to corporate sales of more than 483 million in that year By 1977 nearly 95 percent of SS Kresge Company sales were generated by Kmart stores To reflect this development the company then changed its name to Kmart Corporation Ten years later Kmart sold the remaining Kresge stores to fully concentrate on discount merchandising Kmart is a discount retailer and is second in the nation in this industry A discount retailer means that Kmart offers name brand products to consumers at a discounted price They can do this by buying the products in large quantities They have tremendous purchasing power as respects their suppliers I would have to say that Kmart Corporation is in the Mature stage of the industry life cycle The reason why I feel this way is because Kmart Corporation is still reaping profits the competition is relatively low and the marketconsumers are beginning to see the importance of these large discount
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