The 1920’s saw a larger increase in merchandise variety and prices, Kresge’s first steps to becoming a discount store. This final leap to a discount store was made in the 1950’s, when the company realized that they needed to make some changes in order to remain competitive. In 1962 S.S. Kresge Co. opened their first Kmart discount department store in a suburb of Detroit. During that same year seventeen other Kmart stores opened. Realizing that discount stores were the wave of the future S.S. Kresge changed its name to Kmart in 1977.
27, No. 2: 243-271 Walmartfacts. Corporate Fact Sheet. Mar 2010. Web.
He liked to deal with the suppliers directly so he could pass the savings on to the customers. He later brought a new idea to Ben Franklin management that they should open discount stores in small towns. They rejected his idea. The First of 3054 Sam and his brother James (Bud) opened their first Wal-Mart Discount City store in Rogers, Arkansas in 1962. Walton and his wife Helen had to put up everything they had, including their house and property to finance the first 18,000 square-foot store.
Web. 29 Feb. 2011. Hicks, Michael J. "What Is the Local Wal-Mart Effect?" Economic Development (2006): 23-31.