April 19, 2022 – Kmart

As of this past Saturday, there are only 3 Kmart stores remaining in the U.S.! The company was founded in 1899 by Sebastian S. Kresge, who opened several 5 and 10 cent stores under the name S.S. Kresge Corporation. The first Kmart store opened outside of Detroit in 1962, and in the next two decades, the company built an average of 85 new stores a year.
Until 1990, Kmart was the 2nd largest retailer in the U.S., after Sears. The store’s sales and profitability peaked in 1992, but began declining due to competition from Walmart, Target, and online shopping. The company filed for bankruptcy in 2002 and again in 2018. Many businesses analysts cite the lack of a coherant brand image as part of the reason for Kmart’s downfall. The company also failed to invest in updated technology to manage its supply chain, and failed to adopt to e-commerce. Today, the only remaining Kmart stores are in Westwood, NJ, Bridgehampton, NY, and Miami. Learn more here.